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...
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NCLAT analyzed the procedural requirements for initiating insolvency resolution process for personal guarantors under the Insolvency and Bankruptcy Code. The Tribunal held that the Resolution Professional's report under Section 99 is merely a facilitative document, and the ultimate decision to admit or reject an application rests exclusively with the Adjudicating Authority. The Tribunal found that principles of natural justice were adhered to, with sufficient opportunities provided to appellants, and strict timelines of the special statute were followed. Consequently, the appeals were dismissed, with the impugned orders remaining uninterrupted, affirming the procedural compliance in the insolvency resolution process.
NCLAT analyzed the procedural requirements for initiating insolvency resolution process for personal guarantors under the Insolvency and Bankruptcy Code. The Tribunal held that the Resolution Professional's report under Section 99 is merely a facilitative document, and the ultimate decision to admit or reject an application rests exclusively with the Adjudicating Authority. The Tribunal found that principles of natural justice were adhered to, with sufficient opportunities provided to appellants, and strict timelines of the special statute were followed. Consequently, the appeals were dismissed, with the impugned orders remaining uninterrupted, affirming the procedural compliance in the insolvency resolution process.
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