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...
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The HC ruled that the CJM possesses authority to extend the period of Writ of Commission beyond the initial 90-day limit for taking possession of secured assets under Section 14 of the SARFAESI Act, 2002, without requiring financial institutions to file fresh applications. The petitioner financial institution challenged the CJM's practice of refusing extensions and mandating new Section 14 applications after the 90-day period expired. Relying on SC precedent in NKGSB Co-operative Bank Limited v. Subir Chakravarty, the HC held that once an order directing a Court Commissioner to deliver possession is passed, the CJM may grant extensions if execution cannot be completed within the prescribed timeframe. The application was disposed of, affirming the CJM's discretionary power to extend commission periods.
The HC ruled that the CJM possesses authority to extend the period of Writ of Commission beyond the initial 90-day limit for taking possession of secured assets under Section 14 of the SARFAESI Act, 2002, without requiring financial institutions to file fresh applications. The petitioner financial institution challenged the CJM's practice of refusing extensions and mandating new Section 14 applications after the 90-day period expired. Relying on SC precedent in NKGSB Co-operative Bank Limited v. Subir Chakravarty, the HC held that once an order directing a Court Commissioner to deliver possession is passed, the CJM may grant extensions if execution cannot be completed within the prescribed timeframe. The application was disposed of, affirming the CJM's discretionary power to extend commission periods.
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