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...
Insolvency and BankruptcyApril 16, 2024Case LawsHC
CIRP - Partnership Form - The court examined the definitions under the IBC and noted that it does not include partnership firms or their directors as corporate debtors. Rather, such cases fall under Part III of the IBC, which designates the Debts Recovery Tribunal as the adjudicating authority. The court highlighted amendments to the IBC regarding personal guarantors, specifying that they come under the Code's ambit. However, this addition did not extend to partnership firms or directors.
CIRP - Partnership Form - The court examined the definitions under the IBC and noted that it does not include partnership firms or their directors as corporate debtors. Rather, such cases fall under Part III of the IBC, which designates the Debts Recovery Tribunal as the adjudicating authority. The court highlighted amendments to the IBC regarding personal guarantors, specifying that they come under the Code's ambit. However, this addition did not extend to partnership firms or directors.
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