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...
The Supreme Court upheld a resolution plan worth Rs 19,700 crore by the successful resolution applicant for a corporate debtor, rejecting appeals by its former promoters and finding they engaged in systematic delay tactics to thwart the corporate insolvency resolution process. The court affirmed earlier NCLAT and NCLT findings that the erstwhile management showed lackluster participation, filed multiple frivolous applications across forums, and attended Committee of Creditors meetings minimally; the NCLT had imposed costs on them. The judgment also preserved immunity from prosecution by the investigative agency for the successful resolution applicant.
The Supreme Court upheld a resolution plan worth Rs 19,700 crore by the successful resolution applicant for a corporate debtor, rejecting appeals by its former promoters and finding they engaged in systematic delay tactics to thwart the corporate insolvency resolution process. The court affirmed earlier NCLAT and NCLT findings that the erstwhile management showed lackluster participation, filed multiple frivolous applications across forums, and attended Committee of Creditors meetings minimally; the NCLT had imposed costs on them. The judgment also preserved immunity from prosecution by the investigative agency for the successful resolution applicant.
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