Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Insolvency and BankruptcyFebruary 11, 2022Case LawsAT
Initiation of CIRP - The I&B Code, 2016 is not a ‘Debt Enforcement Procedure’. The application of an ‘operational creditor’ is not maintainable, if the ‘Corporate Debtor’ has a dispute about its outstanding/debt. The ‘dispute’ is to be seen by the ‘Adjudicating Authority’ as one based on tenable substantial grounds. In this connection, it is relevantly pointed out that if there is a ‘dispute’ about the debt, then, it is for the ‘applicant’ to approach the competent Civil Court to decide the triable issues. In short, the ‘Adjudicating Authority/Appellate Tribunal’ is not to be utilised as a ‘Debt Collecting Agent’. - AT
Initiation of CIRP - The I&B Code, 2016 is not a ‘Debt Enforcement Procedure’. The application of an ‘operational creditor’ is not maintainable, if the ‘Corporate Debtor’ has a dispute about its outstanding/debt. The ‘dispute’ is to be seen by the ‘Adjudicating Authority’ as one based on tenable substantial grounds. In this connection, it is relevantly pointed out that if there is a ‘dispute’ about the debt, then, it is for the ‘applicant’ to approach the competent Civil Court to decide the triable issues. In short, the ‘Adjudicating Authority/Appellate Tribunal’ is not to be utilised as a ‘Debt Collecting Agent’. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
