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 maintainability of the appeal under s.61(2) of the IBC. The tribunal held that the appeal was filed beyond the prescribed period and, in the absence of any application or sufficient cause for delay, it could not be entertained, resulting in dismissal as time-barred. On the attempted challenge to differential distribution between assenting and dissenting/abstaining secured financial creditors, the tribunal found the plea of "discrimination" was in substance a belated, indirect challenge to an already-approved resolution plan, which had attained finality and could not be reopened or modified after implementation, resulting in denial of any relief. - NCLAT
The dominant issue was maintainability of the appeal under s.61(2) of the IBC. The tribunal held that the appeal was filed beyond the prescribed period and, in the absence of any application or sufficient cause for delay, it could not be entertained, resulting in dismissal as time-barred. On the attempted challenge to differential distribution between assenting and dissenting/abstaining secured financial creditors, the tribunal found the plea of "discrimination" was in substance a belated, indirect challenge to an already-approved resolution plan, which had attained finality and could not be reopened or modified after implementation, resulting in denial of any relief. - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
