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 and set aside the impugned order. The Tribunal held the respondents were not members of the company and therefore lacked standing to seek a waiver under s.244(b) to invoke remedies under ss.241, 242 and 59 of the Act. s.244 confines the right to apply to specified members; the proviso permitting waiver is available only to bona fide members and cannot be extended to non-members by presumption. The NCLT's grant of a waiver for alleged "exceptional circumstances" was unsupported by findings establishing such circumstances or a valid membership basis, rendering the waiver unsustainable and the proceedings under s.244 maintainable.
NCLAT allowed the appeal and set aside the impugned order. The Tribunal held the respondents were not members of the company and therefore lacked standing to seek a waiver under s.244(b) to invoke remedies under ss.241, 242 and 59 of the Act. s.244 confines the right to apply to specified members; the proviso permitting waiver is available only to bona fide members and cannot be extended to non-members by presumption. The NCLT's grant of a waiver for alleged "exceptional circumstances" was unsupported by findings establishing such circumstances or a valid membership basis, rendering the waiver unsustainable and the proceedings under s.244 maintainable.
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