No New Tax Demands After Resolution Plan Approval: High Court Upholds Clean Slate Principle in IBC Cases Issue: Whether tax authorities can finalize a pending assessment and impose new tax liabilities on a resolution applicant after a resolution plan has been approved under the Insolvency and Bankruptcy Code (IBC). Decision: The High Court held that… Read More »
Transfer Order Under Section 127 Set Aside for Procedural Lapses and Lack of Justification Summary in Key Points: Issue: The assessee challenged a transfer order issued under Section 127 of the Income Tax Act, alleging procedural flaws and lack of justification. Facts: The Principal Commissioner initiated the transfer based on “incriminating material” found during a… Read More »
Advisory for Waiver Scheme under Section 128A Jan 14th, 2025 1. Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 29.12.2024. The link for the said advisory is given here: https://services.gst.gov.in/services/advisoryandreleases/read/564 2. It is to inform that both Forms GST SPL 01 and GST SPL 02 are available… Read More »