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...
The NCLAT held: 1) The guarantees executed by the guarantor were irrevocable, unconditional, and continuous, rendering the unilateral revocation invalid. 2) The liability of the surety is co-extensive with the principal debtor, unless contracted otherwise. 3) The CIRP proceedings against the guarantor were maintainable and filed within the limitation period. 4) The adverse observations against the Resolution Professional's conduct violated principles of natural justice as clarification was not sought, despite the disclaimer provided.
The NCLAT held: 1) The guarantees executed by the guarantor were irrevocable, unconditional, and continuous, rendering the unilateral revocation invalid. 2) The liability of the surety is co-extensive with the principal debtor, unless contracted otherwise. 3) The CIRP proceedings against the guarantor were maintainable and filed within the limitation period. 4) The adverse observations against the Resolution Professional's conduct violated principles of natural justice as clarification was not sought, despite the disclaimer provided.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
