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...
Insolvency and BankruptcyFebruary 15, 2024Case LawsAT
Scope of duty of RP - Seeking acceptance of the claims which had been rejected by the Resolution Professional - Proof of services provided and debts - The NCLAT held that the RP did not exceed his powers by seeking additional proof to substantiate the claims. The RP's role includes verifying claims to ensure their accuracy for the CIRP process, and the request for additional proof was within his administrative powers, not constituting adjudication. - The Tribunal found that the RP acted within his mandate by seeking further evidence to ensure the credibility of the insolvency process.
Scope of duty of RP - Seeking acceptance of the claims which had been rejected by the Resolution Professional - Proof of services provided and debts - The NCLAT held that the RP did not exceed his powers by seeking additional proof to substantiate the claims. The RP's role includes verifying claims to ensure their accuracy for the CIRP process, and the request for additional proof was within his administrative powers, not constituting adjudication. - The Tribunal found that the RP acted within his mandate by seeking further evidence to ensure the credibility of the insolvency process.
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TaxTMI 
TaxTMI 
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