Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Simultaneous insolvency proceedings against a principal borrower and its corporate guarantor were held maintainable, so a status quo order in the borrower's case did not bar liquidation of the guarantor. A proposed settlement could not be used to resist liquidation after commencement of liquidation, because withdrawal under Section 12A is unavailable at that stage; any post-liquidation compromise must proceed through a Section 230 scheme. The tribunal also found no error in deciding an interlocutory application on merits despite the applicant's absence, as the rules permit dismissal for default or decision on merits. Liquidation was sustained on the unanimous CoC decision, absence of any resolution plan, and failure of settlement efforts.
Simultaneous insolvency proceedings against a principal borrower and its corporate guarantor were held maintainable, so a status quo order in the borrower's case did not bar liquidation of the guarantor. A proposed settlement could not be used to resist liquidation after commencement of liquidation, because withdrawal under Section 12A is unavailable at that stage; any post-liquidation compromise must proceed through a Section 230 scheme. The tribunal also found no error in deciding an interlocutory application on merits despite the applicant's absence, as the rules permit dismissal for default or decision on merits. Liquidation was sustained on the unanimous CoC decision, absence of any resolution plan, and failure of settlement efforts.
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