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...
Fraudulent preference transfers by a company shortly before winding up are void ab initio when designed to defeat creditors; such transfers differ from otherwise bona fide transactions that may be avoidable under a separate provision requiring good faith and valuable consideration. A related-party lease of significant company assets executed immediately prior to the winding-up petition was held sham, not at arm's length, and void from inception; the official liquidator's application to take possession and sell the property for creditor realization should not have been dismissed on limitation grounds. The appellate court allowed the appeal and declared the transfer void.
Fraudulent preference transfers by a company shortly before winding up are void ab initio when designed to defeat creditors; such transfers differ from otherwise bona fide transactions that may be avoidable under a separate provision requiring good faith and valuable consideration. A related-party lease of significant company assets executed immediately prior to the winding-up petition was held sham, not at arm's length, and void from inception; the official liquidator's application to take possession and sell the property for creditor realization should not have been dismissed on limitation grounds. The appellate court allowed the appeal and declared the transfer void.
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