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...
Crystallization of debt and the effect of undertakings in interlocutory proceedings were examined: interlocutory findings and recorded undertakings lack finality and cannot be extracted to defeat initiation of a corporate insolvency resolution process under the insolvency statute; therefore an observation in a miscellaneous appeal arising from an interlocutory order cannot be relied on to argue non crystallisation of debt. An admission of liability by the debtor amounts to an admission of debt, supporting the creditor's insolvency application. Consequently the appellate challenge to the insolvency initiation was rejected and the appeal dismissed by the NCLAT.
Crystallization of debt and the effect of undertakings in interlocutory proceedings were examined: interlocutory findings and recorded undertakings lack finality and cannot be extracted to defeat initiation of a corporate insolvency resolution process under the insolvency statute; therefore an observation in a miscellaneous appeal arising from an interlocutory order cannot be relied on to argue non crystallisation of debt. An admission of liability by the debtor amounts to an admission of debt, supporting the creditor's insolvency application. Consequently the appellate challenge to the insolvency initiation was rejected and the appeal dismissed by the NCLAT.
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