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 upheld the Respondent Bank's right to invoke a continuing personal guarantee against the Appellant despite auction proceedings. The Tribunal determined that the guarantee agreement remained legally binding, with clauses explicitly stating the guarantee's continuity irrespective of principal borrower's discharge or legal operations. Explanation (b) of Section 19 of the Limitation Act, 1963 was interpreted to exclude court-ordered monetary recoveries from debt calculations. Consequently, the Appellant's arguments challenging the guarantee's enforceability were rejected, and the appeal was dismissed as meritless, affirming the bank's absolute right to pursue recovery through the personal guarantee.
NCLAT upheld the Respondent Bank's right to invoke a continuing personal guarantee against the Appellant despite auction proceedings. The Tribunal determined that the guarantee agreement remained legally binding, with clauses explicitly stating the guarantee's continuity irrespective of principal borrower's discharge or legal operations. Explanation (b) of Section 19 of the Limitation Act, 1963 was interpreted to exclude court-ordered monetary recoveries from debt calculations. Consequently, the Appellant's arguments challenging the guarantee's enforceability were rejected, and the appeal was dismissed as meritless, affirming the bank's absolute right to pursue recovery through the personal guarantee.
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TaxTMI 
TaxTMI 
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