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 the appeal, rejecting the operational creditor's Section 9 application for initiating corporate insolvency resolution process. The tribunal found significant irregularities in the documentation, including potential forgery of signatures and evidence of personal matrimonial disputes masquerading as legitimate operational debt claims. The court determined the petition was filed with ulterior motives, not genuine commercial grievances, and upheld the adjudicating authority's decision. The tribunal imposed a cost of Rs. 10 lakhs on the petitioner for filing a frivolous petition, emphasizing the need to prevent misuse of insolvency proceedings for settling personal disputes.
NCLAT dismissed the appeal, rejecting the operational creditor's Section 9 application for initiating corporate insolvency resolution process. The tribunal found significant irregularities in the documentation, including potential forgery of signatures and evidence of personal matrimonial disputes masquerading as legitimate operational debt claims. The court determined the petition was filed with ulterior motives, not genuine commercial grievances, and upheld the adjudicating authority's decision. The tribunal imposed a cost of Rs. 10 lakhs on the petitioner for filing a frivolous petition, emphasizing the need to prevent misuse of insolvency proceedings for settling personal disputes.
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TaxTMI 
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