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...
SC upheld the arbitral tribunal's decision allowing liquidated damages deduction from the appellant's contractual dues. The court determined that the respondent validly imposed damages at 0.5% per week for a delay exceeding ten months, primarily attributable to the appellant. Interpreting Sections 55, 73, and 74 of the Contract Act, the court affirmed that the liquidated damages were legally and contractually valid. The Single Judge's order setting aside the arbitral award was deemed to have exceeded jurisdictional limits under Section 34 of the Arbitration Act. The Division Bench's restoration of the original arbitral award was consequently upheld, and the appeal was dismissed.
SC upheld the arbitral tribunal's decision allowing liquidated damages deduction from the appellant's contractual dues. The court determined that the respondent validly imposed damages at 0.5% per week for a delay exceeding ten months, primarily attributable to the appellant. Interpreting Sections 55, 73, and 74 of the Contract Act, the court affirmed that the liquidated damages were legally and contractually valid. The Single Judge's order setting aside the arbitral award was deemed to have exceeded jurisdictional limits under Section 34 of the Arbitration Act. The Division Bench's restoration of the original arbitral award was consequently upheld, and the appeal was dismissed.
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