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 19, 2024Case LawsAT
Extension of the CIRP period of the Corporate Debtor by 60 days - The commercial wisdom of the CoC is paramount and non-justiciable, except on limited grounds specified under the IBC. The tribunal underscored that the Adjudicating Authority cannot substitute its views for that of the CoC's commercial wisdom and, therefore, cannot direct the issuance of fresh Form-G when the CoC decided against it after due deliberation. - That part of the impugned order is set aside wherein the Adjudicating Authority has directed the RP to invite fresh expression of interest through wider publication of Form-G
Extension of the CIRP period of the Corporate Debtor by 60 days - The commercial wisdom of the CoC is paramount and non-justiciable, except on limited grounds specified under the IBC. The tribunal underscored that the Adjudicating Authority cannot substitute its views for that of the CoC's commercial wisdom and, therefore, cannot direct the issuance of fresh Form-G when the CoC decided against it after due deliberation. - That part of the impugned order is set aside wherein the Adjudicating Authority has directed the RP to invite fresh expression of interest through wider publication of Form-G
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