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...
NCLAT affirmed the DRT's Section 7 application admission against the corporate debtor. The tribunal found multiple debt acknowledgments within the three-year limitation period, specifically noting acknowledgments on 28.01.2014, 07.05.2014, and subsequent communications in 2016 and 2017. The court determined the application filed on 13.11.2019 was timely due to these acknowledgments. The Resolution Professional was authorized to proceed with Corporate Insolvency Resolution Process (CIRP), with interim orders vacated and the period from 29.08.2022 excluded from CIRP calculation. The appellant was directed to surrender corporate assets, having failed to make payments after 30.06.2015.
NCLAT affirmed the DRT's Section 7 application admission against the corporate debtor. The tribunal found multiple debt acknowledgments within the three-year limitation period, specifically noting acknowledgments on 28.01.2014, 07.05.2014, and subsequent communications in 2016 and 2017. The court determined the application filed on 13.11.2019 was timely due to these acknowledgments. The Resolution Professional was authorized to proceed with Corporate Insolvency Resolution Process (CIRP), with interim orders vacated and the period from 29.08.2022 excluded from CIRP calculation. The appellant was directed to surrender corporate assets, having failed to make payments after 30.06.2015.
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TaxTMI 
TaxTMI 
of 4918 
