Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Arbitration clauses do not bar an operational creditor from pursuing the statutory insolvency remedy, even where arbitration is available or has been initiated, provided debt and default are established. A settlement amount arising from disputes connected with the supply of raw cotton constitutes operational debt because it is a claim in respect of goods; the claimant is therefore an operational creditor. A damages claim raised only in reply to the demand notice, without prior genuine adjudicatory or arbitral pursuit and supported only by limited correspondence, is not a pre-existing dispute. The rejection of the operational debt application was quashed, and admission and further proceedings were directed in accordance with law, including moratorium.
Arbitration clauses do not bar an operational creditor from pursuing the statutory insolvency remedy, even where arbitration is available or has been initiated, provided debt and default are established. A settlement amount arising from disputes connected with the supply of raw cotton constitutes operational debt because it is a claim in respect of goods; the claimant is therefore an operational creditor. A damages claim raised only in reply to the demand notice, without prior genuine adjudicatory or arbitral pursuit and supported only by limited correspondence, is not a pre-existing dispute. The rejection of the operational debt application was quashed, and admission and further proceedings were directed in accordance with law, including moratorium.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
