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 an appeal against rejection of a belatedly filed claim could yield any effective relief after approval of a resolution plan. The tribunal held that the claim was lodged beyond the prescribed submission date, was never admitted in the CIRP, and therefore did not form part of the approved resolution plan. Applying the principle that, upon plan approval, claims not included stand extinguished, and relying on precedent treating such post-approval challenges as infructuous, it concluded that no substantive relief could be granted. The appeal was dismissed as infructuous. - NCLAT
The dominant issue was whether an appeal against rejection of a belatedly filed claim could yield any effective relief after approval of a resolution plan. The tribunal held that the claim was lodged beyond the prescribed submission date, was never admitted in the CIRP, and therefore did not form part of the approved resolution plan. Applying the principle that, upon plan approval, claims not included stand extinguished, and relying on precedent treating such post-approval challenges as infructuous, it concluded that no substantive relief could be granted. The appeal was dismissed as infructuous. - NCLAT
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