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 dominant issue was whether the RP wrongly classified the appellant's CIRP claim under disputed invoices as contingent and denied payment for alleged services/loss of generation. Applying s.18 IBC read with regs. 10, 13(1) and 14 of the CIRP Regulations, the NCLAT held the RP's function is limited to collating and verifying claims on the basis of available documents and does not extend to adjudicating the legality or validity of disputed claims. Since the invoices' legality and the corporate debtor's liability were sub judice before the Allahabad HC and liability was consistently disputed, the claim was contingent on that outcome; the appeal was dismissed.
The dominant issue was whether the RP wrongly classified the appellant's CIRP claim under disputed invoices as contingent and denied payment for alleged services/loss of generation. Applying s.18 IBC read with regs. 10, 13(1) and 14 of the CIRP Regulations, the NCLAT held the RP's function is limited to collating and verifying claims on the basis of available documents and does not extend to adjudicating the legality or validity of disputed claims. Since the invoices' legality and the corporate debtor's liability were sub judice before the Allahabad HC and liability was consistently disputed, the claim was contingent on that outcome; the appeal was dismissed.
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TaxTMI 
TaxTMI 
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