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...
NCLAT dismissed appeal concerning classification of security deposit as financial debt under IBC. Appellant transferred Rs. 2,37,61,440/- to Corporate Debtor under MoU for premises handover. Though money was disbursed, transaction lacked essential elements of financial debt under Section 5(8). Security deposit was not disbursed for time value of money as no interest accrued from disbursement date. Interest clause in MoU was purely penal, triggered only upon breach/termination. Clause 8.5 explicitly established deposit's purpose as security rather than mobilization advance for construction. Transaction's nature being security deposit without commercial borrowing characteristics disqualified it as financial debt under Code.
NCLAT dismissed appeal concerning classification of security deposit as financial debt under IBC. Appellant transferred Rs. 2,37,61,440/- to Corporate Debtor under MoU for premises handover. Though money was disbursed, transaction lacked essential elements of financial debt under Section 5(8). Security deposit was not disbursed for time value of money as no interest accrued from disbursement date. Interest clause in MoU was purely penal, triggered only upon breach/termination. Clause 8.5 explicitly established deposit's purpose as security rather than mobilization advance for construction. Transaction's nature being security deposit without commercial borrowing characteristics disqualified it as financial debt under Code.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
