CIT(A) Holds Property Sale to Partner’s Son Genuine but Disallowed Indexed Interest Claim: ITAT ...

The ITAT has "set aside an order for verification," as the "CITA held a property sale to a partner's son genuine but disallowed an indexed interest claim." This is a significant ruling that provides clarity on the legal standing of claims made by the EPFO during the corporate insolvency resolution process. The court's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person.