Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Invocation of the guarantee was held to be a condition precedent to initiating insolvency proceedings against a personal guarantor; contractual terms of the deed govern guarantor liability and were not altered by a subsequent compromise or MoU, so settlement did not remove the need to invoke the guarantee. A demand notice in Form B without prior invocation cannot substitute as invocation; reliance on Rule 7(1) notice was rejected. Because the financial creditor failed to invoke the guarantee before issuing Form B, the Section 95 application was held maintainable only if invocation had occurred and the admission was set aside; appeals allowed.
Invocation of the guarantee was held to be a condition precedent to initiating insolvency proceedings against a personal guarantor; contractual terms of the deed govern guarantor liability and were not altered by a subsequent compromise or MoU, so settlement did not remove the need to invoke the guarantee. A demand notice in Form B without prior invocation cannot substitute as invocation; reliance on Rule 7(1) notice was rejected. Because the financial creditor failed to invoke the guarantee before issuing Form B, the Section 95 application was held maintainable only if invocation had occurred and the admission was set aside; appeals allowed.
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TaxTMI 
TaxTMI 
