Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
The dominant issue was whether the resolution plan, rejected under s.30(6) of the IBC amid objections on s.29A eligibility, should be approved in light of a post-impugned settlement. The tribunal accepted the settlement terms providing for payment of CIRP costs up to plan approval and enhanced payouts to secured and unsecured financial creditors, noting unanimous consent that approval would resolve grievances. It also held that adverse observations in the impugned order alleging impropriety were unduly excessive in the absence of any auditor finding of fraud or specific avoidance-transaction allegations, and therefore expunged them. Consequently, the impugned orders were quashed and the appeals were allowed. - NCLAT
The dominant issue was whether the resolution plan, rejected under s.30(6) of the IBC amid objections on s.29A eligibility, should be approved in light of a post-impugned settlement. The tribunal accepted the settlement terms providing for payment of CIRP costs up to plan approval and enhanced payouts to secured and unsecured financial creditors, noting unanimous consent that approval would resolve grievances. It also held that adverse observations in the impugned order alleging impropriety were unduly excessive in the absence of any auditor finding of fraud or specific avoidance-transaction allegations, and therefore expunged them. Consequently, the impugned orders were quashed and the appeals were allowed. - NCLAT
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