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...
The AT allowed the appeal, quashing the impugned order that froze demat accounts. It held the Exchange's circular had no application once the adjudicating authority admitted insolvency proceedings; Section 14's moratorium bars initiation or continuation of any "suit or proceeding," including recovery steps such as demat freezing, against a corporate debtor under CIRP/liquidation. The Exchange failed to file its claim before the IRP within the prescribed process and made no communication to the IRP; coercive action against parties not in management was therefore unlawful. Given these breaches of the IBC framework and absence of lawful process, the freezing order lacked legal basis and was set aside.
The AT allowed the appeal, quashing the impugned order that froze demat accounts. It held the Exchange's circular had no application once the adjudicating authority admitted insolvency proceedings; Section 14's moratorium bars initiation or continuation of any "suit or proceeding," including recovery steps such as demat freezing, against a corporate debtor under CIRP/liquidation. The Exchange failed to file its claim before the IRP within the prescribed process and made no communication to the IRP; coercive action against parties not in management was therefore unlawful. Given these breaches of the IBC framework and absence of lawful process, the freezing order lacked legal basis and was set aside.
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