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 17, 2024Case LawsAT
CIRP - Liquidation of corporate debtor - Refusal to approve the private sale - The Tribunal acknowledged the procedural challenges presented by the liquidator’s initiation of a private sale, which was contested by another interested party leading to the Adjudicating Authority's decision to allow more bidders to participate, ensuring a competitive process to maximize asset recovery. The Tribunal found that despite the withdrawal of one of the interested parties, the original decision to seek more bids was justified given the potential for higher recovery. It was held that the auction process should proceed with a fresh notice and the opportunity for all interested parties, including those who had expressed earlier interests, to participate.
CIRP - Liquidation of corporate debtor - Refusal to approve the private sale - The Tribunal acknowledged the procedural challenges presented by the liquidator’s initiation of a private sale, which was contested by another interested party leading to the Adjudicating Authority's decision to allow more bidders to participate, ensuring a competitive process to maximize asset recovery. The Tribunal found that despite the withdrawal of one of the interested parties, the original decision to seek more bids was justified given the potential for higher recovery. It was held that the auction process should proceed with a fresh notice and the opportunity for all interested parties, including those who had expressed earlier interests, to participate.
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