Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
NCLAT dismissed an application seeking condonation of 115-day delay in refiling a company appeal. The appellant's explanations regarding inability to physically inspect records due to geographical location and delays in obtaining certified copies were deemed insufficient. The tribunal noted that the certified copy was obtained on the same day of application (09.12.2024), contradicting claims of procedural delays. Given IBC's emphasis on timely resolution and the one-year timeline for liquidation processes, the tribunal found the appellant's approach nonchalant and the reasons for delay perfunctory. The delay was deemed detrimental to the liquidation process's integrity, resulting in rejection of the condonation application and subsequent dismissal of the appeal.
NCLAT dismissed an application seeking condonation of 115-day delay in refiling a company appeal. The appellant's explanations regarding inability to physically inspect records due to geographical location and delays in obtaining certified copies were deemed insufficient. The tribunal noted that the certified copy was obtained on the same day of application (09.12.2024), contradicting claims of procedural delays. Given IBC's emphasis on timely resolution and the one-year timeline for liquidation processes, the tribunal found the appellant's approach nonchalant and the reasons for delay perfunctory. The delay was deemed detrimental to the liquidation process's integrity, resulting in rejection of the condonation application and subsequent dismissal of the appeal.
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