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...
NCLAT upheld admission of a Section 7 petition, finding that the security trustee was duly authorized to initiate insolvency proceedings following assignment of the loan to an asset reconstruction entity. The Tribunal held that authorization was both pleaded and proved by the security trustee under the trusteeship agreement and by subsequent written authorization from the assignor, so the trustee had locus standi to file under Section 7. The Tribunal further affirmed initiation of CIRP against the corporate guarantors, noting prior dismissal of related appeals challenging CIRP against the principal borrower(s). The appeal was found devoid of merit and dismissed.
NCLAT upheld admission of a Section 7 petition, finding that the security trustee was duly authorized to initiate insolvency proceedings following assignment of the loan to an asset reconstruction entity. The Tribunal held that authorization was both pleaded and proved by the security trustee under the trusteeship agreement and by subsequent written authorization from the assignor, so the trustee had locus standi to file under Section 7. The Tribunal further affirmed initiation of CIRP against the corporate guarantors, noting prior dismissal of related appeals challenging CIRP against the principal borrower(s). The appeal was found devoid of merit and dismissed.
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TaxTMI 
TaxTMI 
of 4918 
