Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Section 19 of the Insolvency and Bankruptcy Code permits coercive assistance only from the corporate debtor's personnel, promoters, or other persons associated with management, and only where the information sought is shown to be necessary for CIRP purposes and within the recipient's possession. A former statutory auditor, being an independent professional and not ordinarily part of management, could not be compelled on that basis to furnish documents, continue audit work, or issue a no-objection resignation. The directions were also unsustainable because the tribunal had not verified possession of the documents, and the insolvency process had already progressed to approval of a resolution plan and later liquidation, making continued insistence on the information futile. The order was set aside.
Section 19 of the Insolvency and Bankruptcy Code permits coercive assistance only from the corporate debtor's personnel, promoters, or other persons associated with management, and only where the information sought is shown to be necessary for CIRP purposes and within the recipient's possession. A former statutory auditor, being an independent professional and not ordinarily part of management, could not be compelled on that basis to furnish documents, continue audit work, or issue a no-objection resignation. The directions were also unsustainable because the tribunal had not verified possession of the documents, and the insolvency process had already progressed to approval of a resolution plan and later liquidation, making continued insistence on the information futile. The order was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
