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...
NCLAT dismissed the applicant's application for condonation of 125 days' delay in refiling the appeal, holding that the applicant failed to demonstrate sufficient cause. The tribunal found the asserted registry errors and purported confusion over a power of attorney unsubstantiated, concluding the repeated refilings evidenced gross negligence and lack of diligence rather than unavoidable circumstances. Routine corrections (POA substitution, renumbering, bookmarks) were deemed not time-consuming, and litigant negligence cannot be excused to thwart procedural compliance. Given the statutory time-bound object of the IBC and the need for finality, the balance of convenience and equity did not favour the applicant, and the condonation petition was rejected.
NCLAT dismissed the applicant's application for condonation of 125 days' delay in refiling the appeal, holding that the applicant failed to demonstrate sufficient cause. The tribunal found the asserted registry errors and purported confusion over a power of attorney unsubstantiated, concluding the repeated refilings evidenced gross negligence and lack of diligence rather than unavoidable circumstances. Routine corrections (POA substitution, renumbering, bookmarks) were deemed not time-consuming, and litigant negligence cannot be excused to thwart procedural compliance. Given the statutory time-bound object of the IBC and the need for finality, the balance of convenience and equity did not favour the applicant, and the condonation petition was rejected.
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