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 BankruptcyMarch 19, 2024Case LawsAT
Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the contractual documents and the parties' actions. It also clarified that the approval of a resolution plan for a corporate debtor does not automatically discharge the liabilities of third parties or guarantors. However, the tribunal's analysis indicated that the extinguishment of debt post-resolution plan approval pertains only to the corporate debtor, not extending automatically to third parties or guarantors unless explicitly stated in the resolution plan.
Initiation of CIRP - Guarantor - Extinguishment of debt - The NCLAT upheld the NCLT's decision, finding that ECL did not act as a guarantor for ESL's debts based on the contractual documents and the parties' actions. It also clarified that the approval of a resolution plan for a corporate debtor does not automatically discharge the liabilities of third parties or guarantors. However, the tribunal's analysis indicated that the extinguishment of debt post-resolution plan approval pertains only to the corporate debtor, not extending automatically to third parties or guarantors unless explicitly stated in the resolution plan.
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