Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
HC held that the arbitral award was patently illegal due to manifest disregard of contract terms. The court's jurisdiction under Section 37 of the Arbitration and Conciliation Act is limited to examining the correctness of Section 34 proceedings. The impugned judgment correctly set aside the awards by finding that the arbitral tribunal ignored explicit contractual clauses and misinterpreted the General Conditions of Contract. The court emphasized that when contract terms are unambiguous, prior negotiations should not be considered, and interpretations defeating the contract's purpose cannot be sustained. Consequently, the appeals were dismissed without cost.
HC held that the arbitral award was patently illegal due to manifest disregard of contract terms. The court's jurisdiction under Section 37 of the Arbitration and Conciliation Act is limited to examining the correctness of Section 34 proceedings. The impugned judgment correctly set aside the awards by finding that the arbitral tribunal ignored explicit contractual clauses and misinterpreted the General Conditions of Contract. The court emphasized that when contract terms are unambiguous, prior negotiations should not be considered, and interpretations defeating the contract's purpose cannot be sustained. Consequently, the appeals were dismissed without cost.
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