Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
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...
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The NCLAT erred in invoking its inherent powers u/r 11 of the NCLAT Rules 2016 to approve a settlement between the second respondent and the Corporate Debtor, circumventing the prescribed procedure for withdrawal of CIRP u/s 12A and Regulation 30A. The inherent powers cannot override specific legal provisions exhaustively providing a procedure. The NCLAT failed to provide reasons for deviating from the withdrawal procedure or the urgency necessitating approval without following due process. Once CIRP commenced, it became a collective proceeding involving all creditors as stakeholders. The NCLAT inadequately addressed the appellant's objections regarding the ongoing ED investigation against the respondents and attempts by the Corporate Debtor to dissipate assets. Despite the appellant not being a party to the settlement, it has locus standi as an aggrieved person u/ss 61 and 62 of the IBC to challenge the NCLAT order before the Supreme Court. The impugned NCLAT judgment is set aside.
The NCLAT erred in invoking its inherent powers u/r 11 of the NCLAT Rules 2016 to approve a settlement between the second respondent and the Corporate Debtor, circumventing the prescribed procedure for withdrawal of CIRP u/s 12A and Regulation 30A. The inherent powers cannot override specific legal provisions exhaustively providing a procedure. The NCLAT failed to provide reasons for deviating from the withdrawal procedure or the urgency necessitating approval without following due process. Once CIRP commenced, it became a collective proceeding involving all creditors as stakeholders. The NCLAT inadequately addressed the appellant's objections regarding the ongoing ED investigation against the respondents and attempts by the Corporate Debtor to dissipate assets. Despite the appellant not being a party to the settlement, it has locus standi as an aggrieved person u/ss 61 and 62 of the IBC to challenge the NCLAT order before the Supreme Court. The impugned NCLAT judgment is set aside.
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