Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT relied on the Supreme Court's judgment in GLAS Trust Company LLC, which held that after admission of CIRP, the proceedings become in rem, and the Resolution Professional must conduct them. The NCLAT found no error in the Adjudicating Authority's order permitting withdrawal of the Section 12A application after the claim of a creditor was admitted, necessitating reconstitution of the CoC. The appeal against the earlier order became infructuous due to the subsequent order.
The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT relied on the Supreme Court's judgment in GLAS Trust Company LLC, which held that after admission of CIRP, the proceedings become in rem, and the Resolution Professional must conduct them. The NCLAT found no error in the Adjudicating Authority's order permitting withdrawal of the Section 12A application after the claim of a creditor was admitted, necessitating reconstitution of the CoC. The appeal against the earlier order became infructuous due to the subsequent order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
