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NCLAT ruled that guarantors remain liable for total debt despite deed clause limiting liability to mortgaged property value, upholding DRT’s crystallised debt and confirming that guarantee provisions override security clauses under IBC Section 114.
ITAT Pune quashes reassessment notice u/s 148 for AY 2015-16 after harmonious construction of Section 149(1) provisos. The ruling underscores strict compliance with limitation periods in reassessment proceedings, impacting taxpayers facing similar notices.
Madras High Court ruled that Input Service Distributors cannot distribute Input Tax Credit merely upon invoice receipt but must first satisfy all conditions under Section 16(2) of the CGST Act. The judgment invalidates Rule 39(1)(a) to the extent it mandates same-month distribution, protecting businesses from forced allocation of ineligible credit and ensuring compliance with statutory entitlement.