Quote for the Day:

"Mathematics may not teach us how to add joy or how to minus sorrow
but it gives us one great hope that when there is a problem, it has a solution"

Webinar - 25th March @ 4PM:

📢 Voice of CA Presents - Exclusive Webinar on Bank Branch Audit under CBS Environment 📢

📅 Date:                  Tuesday, 25th March 2025

⏰ Time:                 4 PM Onwards

🎤 Speaker:            CA Kuntal P. Shah (Ahmedabad) 

🔗 Register now:    https://bit.ly/CAA_Bank_Audit_CBS   

✔ Learn best practices to navigate the audit process efficiently & get expert tips & insights.

Previous Webinars Recordings/Presentation:

• For the Recording of Webinar for NGOs: "Essential Compliance Checklist for NGOs Before March 31, 2025" on 22^nd March 2025 by CA. Sanjeev Goyal, Founder - NGO Pilot, you may click below image link:

• For the Recording and the Presentation of Webinar on "Analysis of Provisions related to NPOs & Charitable Trusts in the Income-tax Bill 2025" on 21^st March 2025 by CA. Tarun Kumar Madaan, Taxation Expert, you may click below image links:

Important Case Law:

( Contribution by CA. A. K. Srivastava )

Hon’ble Supreme Court has delivered a judgement on 20th March 2025 on the question whether a claim by Income Tax Department, which was not made before approval of Resolution Plan, is valid.

• Vaibhav Goel & Anr Vs. Deputy Commissioner of Income Tax & Anr.  Civil Appeal No. 49 of 2022. Judgement delivered on 20.03.2025

Resolution Plan was approved by NCLT on 21st May 2019. Liability of Rs. 16.85 crore for AY 2014-15 was recognised in the plan as Contingent Liability. After the approval of the Resolution Plan, demands were raised for AY 2012-13 and 2013-14 in respect of the Corporate Debtor (CD). These claims were not put before the Resolution Professional. The Monitoring Professional reported to the Income Tax department that the demands were unsustainable in law. The issue was referred to NCLT, which dismissed the application as frivolous.  Appeal before NCALT stood dismissed.

The Hon’ble Supreme Court held that the approved Resolution Plan is binding on the claimant, and the belated claims made thereafter are invalid.

In conclusion, the Hon’ble Supreme Court held that the demands raised by the Income Tax Department against the Corporate Debtor, for AY 2012-13 and 2013-14 are invalid and can not be enforced.

Click here for the Judgment

Useful Updates:

( Contribution by CA. Samarpit Sharma )

• 										The GST Insider Input Service Distributor (ISD)  Read More   
  										

Job Vacancies of the Week:

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