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 held that the transaction between parties constituted a "financial debt" under IBC Section 5(8). The tribunal determined the transaction was a loan, not a sale/purchase, based on multiple critical factors: (1) interest rate of 18% on monthly compounding, (2) fixed repayment date of 31.03.2021, (3) explicit acknowledgment of loan in financial statements, and (4) clauses indicating property could be mortgaged for loan repayment. The agreements demonstrated clear intention of financial assistance with time value of money. Consequently, the NCLT's previous order was set aside, and the Section 7 petition was admitted, recognizing the appellant as a financial creditor under the Insolvency and Bankruptcy Code.
NCLAT held that the transaction between parties constituted a "financial debt" under IBC Section 5(8). The tribunal determined the transaction was a loan, not a sale/purchase, based on multiple critical factors: (1) interest rate of 18% on monthly compounding, (2) fixed repayment date of 31.03.2021, (3) explicit acknowledgment of loan in financial statements, and (4) clauses indicating property could be mortgaged for loan repayment. The agreements demonstrated clear intention of financial assistance with time value of money. Consequently, the NCLT's previous order was set aside, and the Section 7 petition was admitted, recognizing the appellant as a financial creditor under the Insolvency and Bankruptcy Code.
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TaxTMI 
TaxTMI 
of 4918 
