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...
The National Company Law Appellate Tribunal, New Delhi, dismissed an appeal regarding the initiation of Corporate Insolvency Resolution Process (CIRP) as the debt in question did not qualify as "operational debt" under Section 5(21) of the IBC. The Tribunal found that the security deposit in question was not directly linked to any goods or services provided, thus falling outside the scope of operational debt. Additionally, the presence of a pre-existing dispute between the parties rendered the application under Section 9 of the IBC not maintainable, in line with legal precedents such as Consolidated Construction Consortium Limited v. Hitro Energy Solutions Pvt. Ltd. and Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd. The appeal was ultimately dismissed.
The National Company Law Appellate Tribunal, New Delhi, dismissed an appeal regarding the initiation of Corporate Insolvency Resolution Process (CIRP) as the debt in question did not qualify as "operational debt" under Section 5(21) of the IBC. The Tribunal found that the security deposit in question was not directly linked to any goods or services provided, thus falling outside the scope of operational debt. Additionally, the presence of a pre-existing dispute between the parties rendered the application under Section 9 of the IBC not maintainable, in line with legal precedents such as Consolidated Construction Consortium Limited v. Hitro Energy Solutions Pvt. Ltd. and Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd. The appeal was ultimately dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
