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...
Section 7 admission was upheld because debt and default were established and the application was procedurally complete; the Adjudicating Authority was not required to investigate the causes of default or creditors' alleged role in delayed disbursal. Rejection of an OTS proposal did not bar initiation of CIRP, as settlement decisions remained within the creditor's commercial discretion. Omission of a specific date of default was not fatal where defaults were otherwise proved, and Section 10A was not attracted because the relevant defaults pre-dated the moratorium. Pending arbitration and allegations of recovery motive did not prevent insolvency proceedings on these facts.
Section 7 admission was upheld because debt and default were established and the application was procedurally complete; the Adjudicating Authority was not required to investigate the causes of default or creditors' alleged role in delayed disbursal. Rejection of an OTS proposal did not bar initiation of CIRP, as settlement decisions remained within the creditor's commercial discretion. Omission of a specific date of default was not fatal where defaults were otherwise proved, and Section 10A was not attracted because the relevant defaults pre-dated the moratorium. Pending arbitration and allegations of recovery motive did not prevent insolvency proceedings on these facts.
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