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...
Approval of a scheme of arrangement was sustained where creditor majorities in value and number approved the compromise; the challenger lacked the statutory voting threshold and therefore had no locus to contest the scheme, resulting in dismissal of the appeal. The tribunal reasoned that a duly sanctioned compromise is binding on all stakeholders under the Companies Act, and the scheme limited entitlements to a defined class of creditors without purporting to exercise criminal or civil court powers; accordingly statutory rights under other Acts were not displaced. Prior authority supporting threshold-based locus and examination of MPID-related concerns were noted but did not alter the result.
Approval of a scheme of arrangement was sustained where creditor majorities in value and number approved the compromise; the challenger lacked the statutory voting threshold and therefore had no locus to contest the scheme, resulting in dismissal of the appeal. The tribunal reasoned that a duly sanctioned compromise is binding on all stakeholders under the Companies Act, and the scheme limited entitlements to a defined class of creditors without purporting to exercise criminal or civil court powers; accordingly statutory rights under other Acts were not displaced. Prior authority supporting threshold-based locus and examination of MPID-related concerns were noted but did not alter the result.
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