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 BankruptcyApril 16, 2024Case LawsSCH
Admissibility of section 9 application - The Appellant argued that the application under the IBC should not have been admitted due to the pendency of a civil suit. However, the Supreme Court held that the existence of a pending civil suit does not preclude the admission of an application under the IBC if there is a genuine dispute regarding the debt. They cited the principle established in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited [2017 (9) TMI 1270 - SUPREME COURT], emphasizing that the adjudicating authority is only required to determine whether there is a plausible contention for further investigation. Ultimately, the Supreme Court dismissed the appeal, affirming the decision of the lower tribunals to admit the application under the IBC and initiate CIRP against the Corporate Debtor.
Admissibility of section 9 application - The Appellant argued that the application under the IBC should not have been admitted due to the pendency of a civil suit. However, the Supreme Court held that the existence of a pending civil suit does not preclude the admission of an application under the IBC if there is a genuine dispute regarding the debt. They cited the principle established in Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited [2017 (9) TMI 1270 - SUPREME COURT], emphasizing that the adjudicating authority is only required to determine whether there is a plausible contention for further investigation. Ultimately, the Supreme Court dismissed the appeal, affirming the decision of the lower tribunals to admit the application under the IBC and initiate CIRP against the Corporate Debtor.
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