Business support recruitment and training receipts qualify for presumptive business taxation, not professional taxation under technical consultancy ru...
Treaty exemption for foreign permanent-establishment management fees prevailed, while dividend expense disallowance remained limited to an accepted al...
Centralised assessment transfers: participation after requesting centralisation can bar technical jurisdictional challenges, while assessment disputes...
Binding precedent remains operative despite pending challenge, supporting deletion of interest disallowance when debt is converted into preference sha...
Fraudulent portrayal of debt, a jurisdictional fact for commencing CIRP, can justify recall of admission and dismissal of a collusive Section 9 application because fraud and collusion undermine the foundation of jurisdiction. Once admitted, however, CIRP becomes a collective in rem process in which creditors acquire statutory interests; misconduct by the original applicant does not automatically require termination. The original applicant must be excluded, while the Adjudicating Authority assesses, after hearing the resolution professional, Committee of Creditors and stakeholders, whether continuation serves statutory objectives with integrity and transparency. Termination was set aside and CIRP restored for that determination.
Fraudulent portrayal of debt, a jurisdictional fact for commencing CIRP, can justify recall of admission and dismissal of a collusive Section 9 application because fraud and collusion undermine the foundation of jurisdiction. Once admitted, however, CIRP becomes a collective in rem process in which creditors acquire statutory interests; misconduct by the original applicant does not automatically require termination. The original applicant must be excluded, while the Adjudicating Authority assesses, after hearing the resolution professional, Committee of Creditors and stakeholders, whether continuation serves statutory objectives with integrity and transparency. Termination was set aside and CIRP restored for that determination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4913 
