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...
Arbitral proceedings were invalidated due to procedural irregularities: the tribunal denied a timely application to amend defence and counterclaim despite the petitioners contention that knowledge of suppression of an ongoing insolvency process against a lead consortium member arose after the pleadings deadline, and thus failed to decide a crucial challenge to contract validity rendering the arbitration agreement and award tainted by alleged fraud; the tribunal further awarded substantial claims without any oral evidence, framed issues after directing earlier evidence filings, and recorded findings without referring to supporting documents. Consequence: the award was set aside and fresh arbitration was permitted with full opportunity to lead evidence and raise the validity defence.
Arbitral proceedings were invalidated due to procedural irregularities: the tribunal denied a timely application to amend defence and counterclaim despite the petitioners contention that knowledge of suppression of an ongoing insolvency process against a lead consortium member arose after the pleadings deadline, and thus failed to decide a crucial challenge to contract validity rendering the arbitration agreement and award tainted by alleged fraud; the tribunal further awarded substantial claims without any oral evidence, framed issues after directing earlier evidence filings, and recorded findings without referring to supporting documents. Consequence: the award was set aside and fresh arbitration was permitted with full opportunity to lead evidence and raise the validity defence.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
