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...
In Section 95 insolvency proceedings against personal guarantors, limitation under Article 137 had to be assessed from the actual invocation of guarantee and the date of default, not from the Form B demand notice. The Tribunal held that the Adjudicating Authority erred in treating Form B as invocation, and noted that a decree obtained within limitation could furnish a fresh cause of action. It also found the limitation computation flawed because Covid-related exclusion days were deducted without adequate basis. Letters dated 17.03.2022 and 12.07.2022, and admission of the creditor's claim in the corporate debtor's CIRP, were material on acknowledgment and limitation but had not been properly considered, so the matter was remanded for fresh, reasoned decision.
In Section 95 insolvency proceedings against personal guarantors, limitation under Article 137 had to be assessed from the actual invocation of guarantee and the date of default, not from the Form B demand notice. The Tribunal held that the Adjudicating Authority erred in treating Form B as invocation, and noted that a decree obtained within limitation could furnish a fresh cause of action. It also found the limitation computation flawed because Covid-related exclusion days were deducted without adequate basis. Letters dated 17.03.2022 and 12.07.2022, and admission of the creditor's claim in the corporate debtor's CIRP, were material on acknowledgment and limitation but had not been properly considered, so the matter was remanded for fresh, reasoned decision.
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