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 NCLAT dismissed the appeal challenging the order and connected applications. The appellant sought to restore certain commercial complex assets as their property and restrain the RP and SRA from dealing with them, relying on a settlement agreement dated 30.05.2023. However, the Tribunal upheld that the assets were duly disclosed as belonging to the Corporate Debtor (CD) in the Information Memorandum and confirmed that the Resolution Plan was approved on 19.07.2020. Consequently, the appellant's claim to the assets was rejected. The Tribunal further noted that the SRA is entitled to deal with the assets per Regulation 37(1)(a) of the IBBI (CIRP) Regulations, 2016. The IA for approval of the Resolution Plan was remitted back to the CoC. The prayers to set aside the impugned order were refused and the appeal was dismissed.
The NCLAT dismissed the appeal challenging the order and connected applications. The appellant sought to restore certain commercial complex assets as their property and restrain the RP and SRA from dealing with them, relying on a settlement agreement dated 30.05.2023. However, the Tribunal upheld that the assets were duly disclosed as belonging to the Corporate Debtor (CD) in the Information Memorandum and confirmed that the Resolution Plan was approved on 19.07.2020. Consequently, the appellant's claim to the assets was rejected. The Tribunal further noted that the SRA is entitled to deal with the assets per Regulation 37(1)(a) of the IBBI (CIRP) Regulations, 2016. The IA for approval of the Resolution Plan was remitted back to the CoC. The prayers to set aside the impugned order were refused and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
