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...
Petitioners, Managing Director and Director of Ms. Kudos Chemie Pvt. Ltd., sought stay of proceedings u/s 138 of Negotiable Instruments Act, 1881, invoking Section 96 of Insolvency and Bankruptcy Code, 2016. HC held proceedings u/s 138 NI Act penal in nature, not in respect of any debt. Directors cannot escape penal liability u/ss 138/141 NI Act due to company's insolvency. Section 96 IBC not a bar to continue Section 138 proceedings against Directors. Petition dismissed as misuse of process to delay 9-year-old proceedings.
Petitioners, Managing Director and Director of Ms. Kudos Chemie Pvt. Ltd., sought stay of proceedings u/s 138 of Negotiable Instruments Act, 1881, invoking Section 96 of Insolvency and Bankruptcy Code, 2016. HC held proceedings u/s 138 NI Act penal in nature, not in respect of any debt. Directors cannot escape penal liability u/ss 138/141 NI Act due to company's insolvency. Section 96 IBC not a bar to continue Section 138 proceedings against Directors. Petition dismissed as misuse of process to delay 9-year-old proceedings.
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