Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Internal TNMM supports deletion of freight-forwarding adjustments where comparable non-AE transactions are separately identifiable and materially simi...
The HC held that in CIRP applications under Section 7 or Section 10 of the IBC the resolution professional proposed by the applicant must be appointed as IRP unless a disciplinary proceeding is pending against the proposed RP; the NCLT lacks discretion to substitute its own choice of IRP for reasons other than a pending disciplinary proceeding. The impugned NCLT order replacing the applicant's proposed IRP is set aside. The matter is remitted to the NCLT to grant fresh orders on the application filed by the respondent, in accordance with the statutory scheme and principles of natural justice, within six weeks of receipt of this judgment. Petition allowed.
The HC held that in CIRP applications under Section 7 or Section 10 of the IBC the resolution professional proposed by the applicant must be appointed as IRP unless a disciplinary proceeding is pending against the proposed RP; the NCLT lacks discretion to substitute its own choice of IRP for reasons other than a pending disciplinary proceeding. The impugned NCLT order replacing the applicant's proposed IRP is set aside. The matter is remitted to the NCLT to grant fresh orders on the application filed by the respondent, in accordance with the statutory scheme and principles of natural justice, within six weeks of receipt of this judgment. Petition allowed.
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TaxTMI 
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