Thursday, June 21, 2018

MCA issues draft Cross-Border Insolvency norms for corporate debtor

The Ministry of Corporate Affairs (MCA) has taken initiative to introduce norms on Cross-Border Insolvency within the Insolvency & Bankruptcy Code to provide the comprehensive legal framework, considering the fact that corporates transact business in more than one jurisdiction and also have assets across many jurisdiction.

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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