Transfer pricing comparables and adjustments: Tribunal revisits loss-maker status, segmental comparability, working capital relief, and risk allocatio...
Business expenditure disallowance failed where commission, related-party salary and promotion payments were supported by records and inquiry was inade...
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NCLAT held that a Section 95 application against a personal guarantor was not maintainable where the guarantee had not been invoked before the Form B demand notice. The tribunal ruled that the Adjudicating Authority erred in treating the demand notice itself as invocation, because the legal scheme required the guarantor's liability to arise earlier. It also rejected reliance on an alleged prior invocation notice, since the application did not plead it, the supporting documents did not include it, and reliance on it had been expressly abandoned before the Adjudicating Authority. The admission order was set aside, leaving the creditor free to pursue other remedies available in law.
NCLAT held that a Section 95 application against a personal guarantor was not maintainable where the guarantee had not been invoked before the Form B demand notice. The tribunal ruled that the Adjudicating Authority erred in treating the demand notice itself as invocation, because the legal scheme required the guarantor's liability to arise earlier. It also rejected reliance on an alleged prior invocation notice, since the application did not plead it, the supporting documents did not include it, and reliance on it had been expressly abandoned before the Adjudicating Authority. The admission order was set aside, leaving the creditor free to pursue other remedies available in law.
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