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...
Natural justice was not violated in summary insolvency proceedings because the personal guarantor had opportunity to participate and provide explanations to the resolution professional, whose report was considered by the Adjudicating Authority; appeal dismissed on that ground. Pre existing commercial disputes do not bar admission of a petition under the insolvency code in Part III proceedings, and a later filed suit was immaterial. Insufficient stamping of the guarantee was held immaterial in summary IBC adjudication. The debtor's execution of the guarantee, disbursement, recall and demand notices established debt and default; the Adjudicating Authority's admission order is sustained and the appeal is dismissed.
Natural justice was not violated in summary insolvency proceedings because the personal guarantor had opportunity to participate and provide explanations to the resolution professional, whose report was considered by the Adjudicating Authority; appeal dismissed on that ground. Pre existing commercial disputes do not bar admission of a petition under the insolvency code in Part III proceedings, and a later filed suit was immaterial. Insufficient stamping of the guarantee was held immaterial in summary IBC adjudication. The debtor's execution of the guarantee, disbursement, recall and demand notices established debt and default; the Adjudicating Authority's admission order is sustained and the appeal is dismissed.
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