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...
Violation of principles of natural justice, wherein the appellant was not provided an opportunity for a hearing before terminating the insolvency resolution process of the personal guarantor and discharging the resolution professional (RP). The key points are: Section 106 requires the RP to submit a report on the repayment plan within 21 days from the last date of submission of claims u/s 102. Section 105 mandates the debtor to prepare the repayment plan in consultation with the RP. However, the debtor failed to prepare or submit any repayment plan, and there was no communication from the appellant after August 24, 2022. Consequently, no meeting of creditors could be convened. The adjudicating authority rightly concluded that in the absence of a repayment plan, the consequence of rejection u/s 115 must ensue. The RP's application and prayers were in accordance with the statutory scheme. The appellant consistently challenged every action unsuccessfully but never submitted a repayment plan. The appellant remained silent for years and raised grievances about not being heard only after the consequential order u/s 115 was passed. Regulation 19, concerning the filing of the repayment plan by the RP, is inapplicable as no plan was submitted or finalized. The appellant failed to demonstrate substantial grounds for interference with the imp.
Violation of principles of natural justice, wherein the appellant was not provided an opportunity for a hearing before terminating the insolvency resolution process of the personal guarantor and discharging the resolution professional (RP). The key points are: Section 106 requires the RP to submit a report on the repayment plan within 21 days from the last date of submission of claims u/s 102. Section 105 mandates the debtor to prepare the repayment plan in consultation with the RP. However, the debtor failed to prepare or submit any repayment plan, and there was no communication from the appellant after August 24, 2022. Consequently, no meeting of creditors could be convened. The adjudicating authority rightly concluded that in the absence of a repayment plan, the consequence of rejection u/s 115 must ensue. The RP's application and prayers were in accordance with the statutory scheme. The appellant consistently challenged every action unsuccessfully but never submitted a repayment plan. The appellant remained silent for years and raised grievances about not being heard only after the consequential order u/s 115 was passed. Regulation 19, concerning the filing of the repayment plan by the RP, is inapplicable as no plan was submitted or finalized. The appellant failed to demonstrate substantial grounds for interference with the imp.
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TaxTMI 
TaxTMI 
of 4921 
