In this edition, we have come up with an article on acquisition of business by asset purchase or capital. There are situations wherein entity may wish to exit from the business leaving immovable property to the buyer. Tax implications on transfer of business by acquisition of assets are different from that of acquisition of capital. In this article, tax implications in business acquisition through asset and capital has been discussed.
The next article is on recent contrary decisions of 2 benches of the NCLT, on authority of a Power of Attorney/GPA holder to initiate a Section 7 proceedings, under the IB Code, against the Corporate Debtor, and whether the Power of Attorney/GPA holder can be considered as “Authorised Person” or “Authorised Representative”, under the AA Rules, and also whether the Power of Attorney/GPA, is to be backed by a Resolution of the Board of Directors of the FC.
We have also collated certain important judgments under direct tax and provided our comments wherever necessary. I hope that you will have good time reading this edition and please do share your feedback.
Key Topics:
- Business Acquisition - Acquisition of Asset vs Capital
- Is a Board Resolution required by Power of Attorney/GPA Holder to file an application under Section 7, IBC?
- Summary of Income Tax Decisions
