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The Delhi High Court has quashed demand‑cum‑show cause notices and consequential orders issued via the Goods and Services Tax (GST) Department against the applicant, keeping that statutory dues for periods before the approval of a resolution plan under the Insolvency and Bankruptcy Code (IBC) stand extinguished. The court stated that after a resolution plan is […]
No penalty would get charged under Section 271B of the Income Tax Act, 1961 for the late filing of the audit report because of the proceedings beneath the insolvency and bankruptcy code (IBC), the Income Tax Appellate Tribunal (ITAT) Delhi bench ruled. The taxpayer, Bhushan Aviation Limited’s return was filed dated 29.03.2019 at the time […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
The Kerala GST Department released a Standard Operating Procedure (SOP) on November 21, 2023, labelled as SGST/973/2023-LEGAL3, specifically addressing cases under the Insolvency and Bankruptcy Code (IBC), 2016 that come before the National Company Law Tribunal (NCLT). The IBC, established in 2016, aimed to streamline the diverse insolvency laws. It delegates insolvency proceedings to specialized […]
Along with the revisions in the insurance laws and Insolvency and Bankruptcy Code the key economic bills would be ready and might be tabled in the forthcoming Monsoon Session of Parliament that begins from July 20. Such would not be the portion of the list of 21 bills tentatively listed for the introduction, acknowledgement, and […]
The government and the Insolvency & Bankruptcy Board of India (IBBI) have provided a process to share the information on the companies that suffer the insolvency action as the customs and the GST wings are missing the last date to furnish the claims, which results in extended laws. The suppliers to the companies, customs, and […]
As per the recent update, the government is planning a beneficial step for companies undergoing resolution process under the IBC. IBC is an acronym for Insolvency and Bankruptcy Code. There is some talk going on between the Ministry of Corporate Affairs and Department of Revenue (DoR) and a framework is expected to be revealed soon. […]
It seems that the Insolvency and Bankruptcy Code (IBC) and GST are having some troubles with the norms as well as software working procedure for the resolutions. Therefore, it seems that they may visit the court for the further resolution of the matter. The major issues that conflict is that the GST software does not […]
The Madras High Court has decided that company directors who are going through liquidation cannot be held personally responsible for paying off the company’s GST dues. The court has given them an opportunity to free themselves from these financial responsibilities. N. Ramkhuar Narasimhan and Poorani Nagarajan, who were directors of M/s. Infinitas Energy Solutions Pvt. […]
