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 dismissed the appeal, finding the Section 94 insolvency petition was a deliberate attempt to obstruct lawful recovery proceedings. The Appellant, as a personal guarantor, had acknowledged outstanding debt since 2012, made partial payments, and consistently used judicial processes to delay creditor's recovery rights. The Tribunal concluded the petition was not filed for genuine insolvency resolution but to strategically prevent enforcement of secured residential premises, thus constituting an abuse of legal process. The appeal was rejected, upholding the lower tribunal's findings and maintaining the creditor's right to recover outstanding dues.
NCLAT dismissed the appeal, finding the Section 94 insolvency petition was a deliberate attempt to obstruct lawful recovery proceedings. The Appellant, as a personal guarantor, had acknowledged outstanding debt since 2012, made partial payments, and consistently used judicial processes to delay creditor's recovery rights. The Tribunal concluded the petition was not filed for genuine insolvency resolution but to strategically prevent enforcement of secured residential premises, thus constituting an abuse of legal process. The appeal was rejected, upholding the lower tribunal's findings and maintaining the creditor's right to recover outstanding dues.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
