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...
The HC set aside the Appellate Award as time-barred under Section 34 of the Arbitration Act for violating public policy. The reconstituted Appellate Tribunal exceeded the mandatory three-month timeframe prescribed under NSE Bye-Law 19(b) and SEBI Circular Clause 6.5, passing the award beyond the permissible extension period without proper authorization. The court held that limitation periods in arbitration serve public policy by ensuring expeditious dispute resolution, and the use of "shall" in the bye-laws creates mandatory timelines. The petitioner's filing of written submissions did not constitute waiver of objection rights to the tribunal's mandate, and excessive delays contravene arbitration's fundamental purpose of swift justice.
The HC set aside the Appellate Award as time-barred under Section 34 of the Arbitration Act for violating public policy. The reconstituted Appellate Tribunal exceeded the mandatory three-month timeframe prescribed under NSE Bye-Law 19(b) and SEBI Circular Clause 6.5, passing the award beyond the permissible extension period without proper authorization. The court held that limitation periods in arbitration serve public policy by ensuring expeditious dispute resolution, and the use of "shall" in the bye-laws creates mandatory timelines. The petitioner's filing of written submissions did not constitute waiver of objection rights to the tribunal's mandate, and excessive delays contravene arbitration's fundamental purpose of swift justice.
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