Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
A general board resolution authorising an officer to sign and file documents was sufficient to file the section 7 applications; no fresh post-Code authorisation was required, so the objection to locus failed. The underlying transaction constituted financial debt because the agreement separately treated the construction advance as an interest-bearing unsecured loan with repayment and penal-interest terms, and it was reflected as unsecured borrowing in the balance sheet; the contrary finding was set aside. The alleged related-party and section 65 fraud findings were unsustainable for want of specific statutory pleading and proof, and penalty under section 65 could not be imposed on the corporate debtors. As debt and default stood established, the section 7 applications were directed to be admitted.
A general board resolution authorising an officer to sign and file documents was sufficient to file the section 7 applications; no fresh post-Code authorisation was required, so the objection to locus failed. The underlying transaction constituted financial debt because the agreement separately treated the construction advance as an interest-bearing unsecured loan with repayment and penal-interest terms, and it was reflected as unsecured borrowing in the balance sheet; the contrary finding was set aside. The alleged related-party and section 65 fraud findings were unsustainable for want of specific statutory pleading and proof, and penalty under section 65 could not be imposed on the corporate debtors. As debt and default stood established, the section 7 applications were directed to be admitted.
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