ITAT ruled that the amendment requiring aggregation of consideration under Section 194-IA applies only from October 2024. For earlier years, TDS applicability must be determined individually per buyer-seller transaction.
The law distinguishes between rejection of renewal and cancellation of registration for charitable trusts. Only cancellation activates Section 115TD, ensuring that mere rejection does not automatically result in harsh tax consequences.
The new Income Tax Rules, 2026 permit reapplication within one month of rejection. This provides a faster alternative to appeals and reduces litigation burden.
The IBBI held that forming a Committee of Creditors without verifying claims violates core insolvency principles. The ruling emphasizes that claim verification is mandatory before granting voting rights or conducting CoC meetings.
The Disciplinary Committee held that reconstituting the CoC without prior approval of the Adjudicating Authority violates established legal principles. Subsequent approval does not cure the initial procedural breach. The decision underscores limits on the powers of resolution professionals.
A key land asset was excluded from the CIRP, leading to rejection of the resolution plan. The regulator held that failure to include and regularize ownership violated duties and warranted suspension.
The case highlights failure to provide complete and verifiable information in the Information Memorandum. It also underscores that reliance on external systems like VDR does not replace statutory disclosure obligations.
A claim submitted without documents was later verified after the deadline but not processed as per law. The authority held that failure to place it before CoC and seek condonation violated CIRP regulations.
The IBBI flagged improper admission of a joint developer as a financial creditor without adequate verification. The ruling highlights the need to correctly classify claims under insolvency law.
If a Scheduled caste person converted to any other religion other than Hinduism, Sikhism or Buddhism, he immediately loses the membership of the Scheduled Caste status. In this, the Court also explained that if such a person re-converted to Hinduism, Sikhism or Buddhism, then he had to establish conclusive proof of the following, to re-claim SC status.
