TaxTMI 
TaxTMI 
2026 (10) TMI 63
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....ary amendments. 2. These appeals arise out of a common order of the Income Tax Appellate Tribunal, Chennai ('ITAT' / 'Tribunal') dated 31.07.2009 relating to assessment year (AY) 2006 - 07. 3. The substantial questions of law that have been admitted for resolution on 06.11.2012 are as follows:- "1.Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the interest income and commission income from subscribing to mutual funds earned by the appellant is liable to be assessed under the head 'income from other sources' and not under the head 'Profits and Gains from Business or Profession'? 2.Whether on the facts and in the circumstances of the case, the Tribunal was right....
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.... Creditors (CoC) was returned for lack of sufficient votes. (iii) An application was filed by the Resolution Professional (RP) under Section 33(1)(a) of IB code seeking liquidation that came to be allowed on 12.08.2021. (iv) While so, the RP filed an application under Section 12A of the IB Code read with Regulation 30 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ['2016 Regulations'] seeking withdrawal of the CIRP. (v) By order dated 12.08.2021, the application came to be rejected and that order confirmed by the NCLAT by its order dated 28.01.2022. (vi) In further appeal, by judgment dated 03.06.2022, the Supreme Court allowed the C....
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....asized that once an insolvency resolution framework approved by the creditors receives judicial imprimatur, its implementation cannot be defeated by subsequent claims of statutory authorities as also observed in Ghanashyam Mishra & Sons (P) Ltd v Edelweiss Asset Reconstruction Co., Ltd (2021) 9 SCC 657. This Court in Embassy Property Developments (P) Ltd v State of Karnatak, (2020) 13 SCC 308 has also recognised that actions of statutory authorities cannot be permitted to frustrate the implementation of processes under the Insolvency and Bankruptcy Code once they have received judicial sanction." (x) The apprehension of the Income-Tax Department that the terms of the Settlement would not address the claim of the Income-Tax Departme....