Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
NCLAT held that a concluded liquidation auction could not be set aside merely because a higher price was expected where the e-auction was publicly advertised, properly conducted, and free from fraud, collusion, underbidding or any fundamental procedural defect. It found that the earlier Lot 2 bid covered the entire area, while the additional land emerged as a separate plot after subdivision; the liquidator's earlier communications were only part of a price-discovery exercise and not a private sale. The successful bidder was an aggrieved person entitled to appeal, and the order for re-auction was reversed, with the sale restored and the sale certificate directed to be issued.
NCLAT held that a concluded liquidation auction could not be set aside merely because a higher price was expected where the e-auction was publicly advertised, properly conducted, and free from fraud, collusion, underbidding or any fundamental procedural defect. It found that the earlier Lot 2 bid covered the entire area, while the additional land emerged as a separate plot after subdivision; the liquidator's earlier communications were only part of a price-discovery exercise and not a private sale. The successful bidder was an aggrieved person entitled to appeal, and the order for re-auction was reversed, with the sale restored and the sale certificate directed to be issued.
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