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...
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Abatement of reference proceedings occurs where secured creditors take measures to recover secured debt under SARFAESI Act. Third proviso to Section 15(1) of SICA mandates abatement if secured creditors representing not less than three-fourths of outstanding amount initiate recovery u/s 13(4) of SARFAESI Act. Legislative intent is to benefit secured creditors by abating proceedings upon recovery action by majority creditors. Abatement is a necessary consequence where statutory conditions are met. Even before SICA repeal, reference proceedings abated u/s 15(1) third proviso, rendering Section 4(b) third proviso of SIC Repeal Act inapplicable.
Abatement of reference proceedings occurs where secured creditors take measures to recover secured debt under SARFAESI Act. Third proviso to Section 15(1) of SICA mandates abatement if secured creditors representing not less than three-fourths of outstanding amount initiate recovery u/s 13(4) of SARFAESI Act. Legislative intent is to benefit secured creditors by abating proceedings upon recovery action by majority creditors. Abatement is a necessary consequence where statutory conditions are met. Even before SICA repeal, reference proceedings abated u/s 15(1) third proviso, rendering Section 4(b) third proviso of SIC Repeal Act inapplicable.
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