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 central issue was whether initiation of CIRP under Section 7 failed because the alleged debt arose from an oral agreement. The tribunal held that documentary evidence - balance-sheet entries, interest accruals as per the cited agreement, TDS Form-16A and the respondent's own admissions recorded in the impugned order - establish existence of debt and default; therefore the oral-agreement contention is unsustainable. Consequence: the admission of the Section 7 application and initiation of CIRP is upheld and the appeal is dismissed. - NCLAT
The central issue was whether initiation of CIRP under Section 7 failed because the alleged debt arose from an oral agreement. The tribunal held that documentary evidence - balance-sheet entries, interest accruals as per the cited agreement, TDS Form-16A and the respondent's own admissions recorded in the impugned order - establish existence of debt and default; therefore the oral-agreement contention is unsustainable. Consequence: the admission of the Section 7 application and initiation of CIRP is upheld and the appeal is dismissed. - NCLAT
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