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 allowed the appeal, set aside the impugned order and granted no order as to costs. The Tribunal held that the RP's attempt to charge CIRP costs from the Appellant as a "contribution" in proportion to CoC voting share was impermissible absent valid interim finance authorised under the Code. Section 5 definitions and Section 28 require any interim finance to be sanctioned by a 66% CoC vote; Regulation 34(B) permits RP's fee to be paid from available CD funds or duly raised interim finance only. The Appellant's negative vote (39.4%) defeated the requisite 66% approval, rendering the prior order erroneous.
NCLAT allowed the appeal, set aside the impugned order and granted no order as to costs. The Tribunal held that the RP's attempt to charge CIRP costs from the Appellant as a "contribution" in proportion to CoC voting share was impermissible absent valid interim finance authorised under the Code. Section 5 definitions and Section 28 require any interim finance to be sanctioned by a 66% CoC vote; Regulation 34(B) permits RP's fee to be paid from available CD funds or duly raised interim finance only. The Appellant's negative vote (39.4%) defeated the requisite 66% approval, rendering the prior order erroneous.
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