Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
An approved resolution plan under the IBC extinguished all pre-CIRP income-tax dues, including assessed and unassessed claims, and terminated pending assessment or appellate proceedings for the relevant period. Applying the clean slate principle and Supreme Court authority, the HC held that claims not included in the resolution plan could not survive after approval under section 31. Because the reassessment related to a pre-approval assessment year, the subsequent reassessment order and demand notice had no legal basis and were quashed; the merits of the assessment were treated as academic.
An approved resolution plan under the IBC extinguished all pre-CIRP income-tax dues, including assessed and unassessed claims, and terminated pending assessment or appellate proceedings for the relevant period. Applying the clean slate principle and Supreme Court authority, the HC held that claims not included in the resolution plan could not survive after approval under section 31. Because the reassessment related to a pre-approval assessment year, the subsequent reassessment order and demand notice had no legal basis and were quashed; the merits of the assessment were treated as academic.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
