Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
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The Appellate Tribunal affirmed the decision to exclude the Appellant and other unsecured Financial Creditors from the Committee of Creditors (CoC). The key issues were whether the Appellant qualified as a 'related party' and whether its claim as a financial creditor was valid. The Appellant's claim of Rs.195 crores was based on a Deed of Guarantee-cum-Indemnity executed by the Corporate Debtor. However, the Tribunal held that there can be 'financial debt' only when liability or obligation arises from a claim due from any person. Since the Appellant did not disburse the amount of Rs.195 crores to the principal borrower, its claim against the guarantor (Corporate Debtor) could not be admitted. The Tribunal emphasized the statutory requirement of financial statements evidencing the amounts drawn by the Corporate Debtor under a facility to prove the existence of debt. As the Adjudicating Authority had directed a transaction audit report, the parties were given liberty to file fresh applications based on the report's findings regarding the Appellant's status as a 'related party' or a Financial Creditor/secured creditor.
The Appellate Tribunal affirmed the decision to exclude the Appellant and other unsecured Financial Creditors from the Committee of Creditors (CoC). The key issues were whether the Appellant qualified as a 'related party' and whether its claim as a financial creditor was valid. The Appellant's claim of Rs.195 crores was based on a Deed of Guarantee-cum-Indemnity executed by the Corporate Debtor. However, the Tribunal held that there can be 'financial debt' only when liability or obligation arises from a claim due from any person. Since the Appellant did not disburse the amount of Rs.195 crores to the principal borrower, its claim against the guarantor (Corporate Debtor) could not be admitted. The Tribunal emphasized the statutory requirement of financial statements evidencing the amounts drawn by the Corporate Debtor under a facility to prove the existence of debt. As the Adjudicating Authority had directed a transaction audit report, the parties were given liberty to file fresh applications based on the report's findings regarding the Appellant's status as a 'related party' or a Financial Creditor/secured creditor.
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