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...
Corporate debtor's account correctly declared as non-performing asset (NPA) due to failure to renew cash credit facilities and provide required financial documents for review within stipulated time. Banks require regular renewal to assess borrower's risk profile, credit worthiness, and viability to ensure account remains standard. Outstanding balance continuously exceeding sanction limit/drawing power renders account "out of order" as per RBI guidelines. Corporate debtor unable to rectify irregularities pointed out by bank, justifying declaration as NPA and initiation of insolvency proceedings u/s 7. Adjudicating authority's order upheld by appellate tribunal.
Corporate debtor's account correctly declared as non-performing asset (NPA) due to failure to renew cash credit facilities and provide required financial documents for review within stipulated time. Banks require regular renewal to assess borrower's risk profile, credit worthiness, and viability to ensure account remains standard. Outstanding balance continuously exceeding sanction limit/drawing power renders account "out of order" as per RBI guidelines. Corporate debtor unable to rectify irregularities pointed out by bank, justifying declaration as NPA and initiation of insolvency proceedings u/s 7. Adjudicating authority's order upheld by appellate tribunal.
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TaxTMI 
TaxTMI 
of 4918 
