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...
HC held that Sections 17 and 18 of the RDB Act confer exclusive jurisdiction on the DRT to entertain bank recovery applications and bar all other courts, including in pending suits, and that Section 31 must be purposively read subject to that bar. The court concluded that a monetary claim assigned to a bank falls within the definition of "debt" under Section 2(g). Consequently, following the amalgamation of the original plaintiff into the present plaintiff bank, the subject suit fell within DRT jurisdiction and the trial court correctly transferred the matter to the DRT. The petition challenging transfer was dismissed with no order as to costs.
HC held that Sections 17 and 18 of the RDB Act confer exclusive jurisdiction on the DRT to entertain bank recovery applications and bar all other courts, including in pending suits, and that Section 31 must be purposively read subject to that bar. The court concluded that a monetary claim assigned to a bank falls within the definition of "debt" under Section 2(g). Consequently, following the amalgamation of the original plaintiff into the present plaintiff bank, the subject suit fell within DRT jurisdiction and the trial court correctly transferred the matter to the DRT. The petition challenging transfer was dismissed with no order as to costs.
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