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 dismissed the corporate debtor's appeal and upheld admission of the Section 9 IBC application. It held that the alleged pre-existing disputes were not genuine, real or bona fide. The Tribunal found the cash receipts relied upon by the corporate debtor implausible, noting inconsistencies in dates, unexplained delayed issuance, and the failure to disclose them earlier, including in prior police complaints. The police complaints themselves were held not to constitute a "dispute" under Section 5(6) IBC, as they related to alleged threats rather than the underlying operational debt. Concluding that the disputes were contrived and moonshine, and that default exceeded the threshold, NCLAT sustained the admission order.
NCLAT dismissed the corporate debtor's appeal and upheld admission of the Section 9 IBC application. It held that the alleged pre-existing disputes were not genuine, real or bona fide. The Tribunal found the cash receipts relied upon by the corporate debtor implausible, noting inconsistencies in dates, unexplained delayed issuance, and the failure to disclose them earlier, including in prior police complaints. The police complaints themselves were held not to constitute a "dispute" under Section 5(6) IBC, as they related to alleged threats rather than the underlying operational debt. Concluding that the disputes were contrived and moonshine, and that default exceeded the threshold, NCLAT sustained the admission order.
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TaxTMI 
TaxTMI 
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