![No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Penalty-shall-be-Levied-Penalty-Income-Tax-Act-Income-Tax-Account-of-Delay-in-Filing-Audit-Report-Due-to-Proceedings-under-IBC-IBC-Taxscan.jpg "No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]")
No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no penalty should be levied under Section 271B of Income Tax Act, 1961 on account of...
![Dues Payable to Secured Creditors are at Higher Footing Than Electricity Dues: Supreme Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2023/07/Dues-Payable-Secured-Creditors-Higher-Footing-Electricity-Dues-Supreme-Court-TAXSCAN.jpg "Dues Payable to Secured Creditors are at Higher Footing Than Electricity Dues: Supreme Court [Read Judgment]")
![Delay for Claim under CIRP without any Valid Ground: NCLAT refuse to Condones Delay [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Delay-Claim-under-CIRP-NCLAT-Condones-Delay-Delay-for-Claim-under-CIRP-NCLAT-refuse-to-Condones-Delay-taxscan.jpg "Delay for Claim under CIRP without any Valid Ground: NCLAT refuse to Condones Delay [Read Order]")
Filing of Application u/s 7 of IBC not Bar for Application to Appoint Arbitrator: Bombay HC [Read Order]
In a major decision the Bombay High Court observed that mere filing of an application under Section 7(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) is not enough to invoke the bar of Section...
Promoter Fails to Project `Resolution Plan’ within Specified Time Limit: NCLAT upholds Dissolution Order [Read Order]
The National Company Law Appellate Tribunal (NCLAT) upheld the dissolution order of the Corporate Debtor Company Since the promoter fails to project a `resolution plan’ within the specified time...
Moratorium Declared by NCLT in View of Insolvency & Bankruptcy Code has Overriding Effect on Tribunal: ITAT [Read Order]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the moratorium declared by National Company Law Tribunal, (NCLT) has an overriding effect on the tribunal in view of insolvency...
![Moratorium Declared by NCLT in View of Insolvency & Bankruptcy Code has Overriding Effect on Tribunal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Moratorium-Declared-by-NCLT-Insolvency-Bankruptcy-Code-Tribunal-ITAT-TAXSCAN.jpg "Moratorium Declared by NCLT in View of Insolvency & Bankruptcy Code has Overriding Effect on Tribunal: ITAT [Read Order]")
Claim of Return of Stock from CD Without any Solid Documentary Evidence is invalid: NCLAT [Read Order]
The Principal Bench of the National Company Law Appellate Tribunal (NCLAT) has held that the claim return of stock from the Corporate Debtor (CD) without any solid documentary evidence is invalid. ...
![Claim of Return of Stock from CD Without any Solid Documentary Evidence is invalid: NCLAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Claim-of-Return-of-Stock-Return-of-Stock-from-CD-Solid-Documentary-Evidence-NCLAT-taxscan.jpg "Claim of Return of Stock from CD Without any Solid Documentary Evidence is invalid: NCLAT [Read Order]")
Power of AA in Insolvency Proceedings limited to Verification of Default in Payment of Debt: Supreme Court [Read Judgement]
In a recent ruling, a two-judge bench of Justice Abhay S. Oka and Justice Rajesh Bindal of the Supreme Court of India observed that the Adjudicating Authority is empowered only to verify the...
