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 dismissed an appeal challenging directions requiring a former director to file an affidavit confirming accuracy of ledger transactions for FY 2017-18 and 2018-19. The liquidator alleged fraudulent transactions totaling Rs. 27,07,470 based on forensic audit findings showing underreported balances and missing cash. The appellant denied allegations claiming unsubstantiated charges and flawed audit methodology. NCLAT held the impugned order was purely procedural and fact-finding in nature, aimed at establishing truthfulness of ledger entries through affidavit filing. Since the order's implications were yet to be considered on merits by the adjudicating authority, NCLAT declined to exercise appellate jurisdiction under Section 61 of IBC 2016, affirming the tribunal's directions.
NCLAT dismissed an appeal challenging directions requiring a former director to file an affidavit confirming accuracy of ledger transactions for FY 2017-18 and 2018-19. The liquidator alleged fraudulent transactions totaling Rs. 27,07,470 based on forensic audit findings showing underreported balances and missing cash. The appellant denied allegations claiming unsubstantiated charges and flawed audit methodology. NCLAT held the impugned order was purely procedural and fact-finding in nature, aimed at establishing truthfulness of ledger entries through affidavit filing. Since the order's implications were yet to be considered on merits by the adjudicating authority, NCLAT declined to exercise appellate jurisdiction under Section 61 of IBC 2016, affirming the tribunal's directions.
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