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 case involves the Appellant's failure to implement a Resolution Plan approved by the Adjudicating Authority, leading to the question of whether the Appellant's inability to infuse share capital due to the company's inactive status absolves them from their obligations. The NCLAT held that the Appellant's offer to deposit the remaining amount into an Escrow Account does not excuse their failure to adhere to the Resolution Plan timelines. The Adjudicating Authority's refusal to grant waivers and the SRA's mindset of conditional plan implementation were considered. As the Resolution Plan was not implemented, liquidation was deemed necessary under the I&B Code. The Appellant's argument regarding fund infusion hindrance was rejected, leading to the dismissal of the appeal.
The case involves the Appellant's failure to implement a Resolution Plan approved by the Adjudicating Authority, leading to the question of whether the Appellant's inability to infuse share capital due to the company's inactive status absolves them from their obligations. The NCLAT held that the Appellant's offer to deposit the remaining amount into an Escrow Account does not excuse their failure to adhere to the Resolution Plan timelines. The Adjudicating Authority's refusal to grant waivers and the SRA's mindset of conditional plan implementation were considered. As the Resolution Plan was not implemented, liquidation was deemed necessary under the I&B Code. The Appellant's argument regarding fund infusion hindrance was rejected, leading to the dismissal of the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
