TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
Functional comparability governs software-service benchmarking: dissimilar companies are excluded, while related-party filters, margins and working-ca...
Insolvency and BankruptcyAugust 30, 2024Case LawsAT
The Appellate Tribunal examined the objections raised by the Personal Guarantors regarding the violation of principles of natural justice and the locus standi of the Resolution Professional (RP) to file the application. The Tribunal held that while principles of natural justice are applicable in proceedings u/s 95, the Supreme Court has ruled that the Adjudicating Authority's role cannot be held applicable at the stage of Section 97(5), i.e., when the RP has been appointed. The Appellants failed to implead the RP in their appeal challenging the RP's appointment, and cannot now claim that the RP lacks locus standi. The RP cannot be precluded from submitting its report as per the Supreme Court's judgment, and the Adjudicating Authority must consider all objections raised by the Appellants during the Section 100 hearing. The Tribunal's previous order cannot be interpreted as excluding the applicability of the Supreme Court's judgment. The Adjudicating Authority may proceed with the Section 95 proceedings as per the law.
The Appellate Tribunal examined the objections raised by the Personal Guarantors regarding the violation of principles of natural justice and the locus standi of the Resolution Professional (RP) to file the application. The Tribunal held that while principles of natural justice are applicable in proceedings u/s 95, the Supreme Court has ruled that the Adjudicating Authority's role cannot be held applicable at the stage of Section 97(5), i.e., when the RP has been appointed. The Appellants failed to implead the RP in their appeal challenging the RP's appointment, and cannot now claim that the RP lacks locus standi. The RP cannot be precluded from submitting its report as per the Supreme Court's judgment, and the Adjudicating Authority must consider all objections raised by the Appellants during the Section 100 hearing. The Tribunal's previous order cannot be interpreted as excluding the applicability of the Supreme Court's judgment. The Adjudicating Authority may proceed with the Section 95 proceedings as per the law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
