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 dismissed a Section 7 application by a Financial Creditor as time-barred. While acknowledging that balance sheet entries can extend limitation periods under Section 18 of the Limitation Act, the Tribunal held that the relevant balance sheet was signed on 12.08.2020, making the petition filed on 15.01.2024 clearly time-barred. The Tribunal rejected the appellant's contention that limitation should be calculated from the date of uploading the balance sheet on the MCA portal (14.02.2021) rather than its signing date. The NCLAT affirmed that for acknowledgment of debt in a balance sheet to extend limitation, the material date is when the document is signed, as this constitutes the conscious admission of liability required under Section 18, not when it is subsequently uploaded.
The NCLAT dismissed a Section 7 application by a Financial Creditor as time-barred. While acknowledging that balance sheet entries can extend limitation periods under Section 18 of the Limitation Act, the Tribunal held that the relevant balance sheet was signed on 12.08.2020, making the petition filed on 15.01.2024 clearly time-barred. The Tribunal rejected the appellant's contention that limitation should be calculated from the date of uploading the balance sheet on the MCA portal (14.02.2021) rather than its signing date. The NCLAT affirmed that for acknowledgment of debt in a balance sheet to extend limitation, the material date is when the document is signed, as this constitutes the conscious admission of liability required under Section 18, not when it is subsequently uploaded.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
