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 held that an IRP/RP, vested with management of the corporate debtor (CD), has statutory authority to admit claims and that such admission constitutes an acknowledgement of liability under Section 18 of the Limitation Act, thereby resetting the limitation period for instituting CIRP under the IBC. The Tribunal found the RP's admission of the respondent's claim on 22.05.2022 and its subsequent update on 21.02.2024 to be valid acknowledgements; consequently the respondent's petitions were not time-barred. Both appeals were dismissed and the orders of the Adjudicating Authority were affirmed.
NCLAT held that an IRP/RP, vested with management of the corporate debtor (CD), has statutory authority to admit claims and that such admission constitutes an acknowledgement of liability under Section 18 of the Limitation Act, thereby resetting the limitation period for instituting CIRP under the IBC. The Tribunal found the RP's admission of the respondent's claim on 22.05.2022 and its subsequent update on 21.02.2024 to be valid acknowledgements; consequently the respondent's petitions were not time-barred. Both appeals were dismissed and the orders of the Adjudicating Authority were affirmed.
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