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...
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
Whether erstwhile directors can be proceeded against under Section 138 N.I. Act where CIRP and IRP appointment preceded completion of the offence: applying Section 17 IBC and precedent, once IRP is appointed and moratorium imposed the board's powers and control over bank accounts vest with the IRP, so erstwhile directors are not "in charge" and lack authority to prevent cheque dishonour; therefore criminal liability under Section 138 cannot be fastened on them. Consequence: impugned summoning order quashed and complaint dismissed. - HC
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