Reasoned rectification orders require consideration of expenditure disclosed in income-tax returns, preventing revision based on incomplete income com...
Modified returns after business reorganisations cannot trigger fresh scrutiny once the original assessment was complete, invalidating related transfer...
Third-party loose sheets require reliable nexus before supporting unexplained expenditure additions; presumptions do not establish payer identity or o...
TNMM comparability using audited accounts and working-capital adjustments can eliminate unwarranted transfer-pricing additions where verified margins ...
Gross-profit additions on disputed purchases require reasoned appellate determination; disclosed claims alone do not support inaccurate-particulars pe...
Limitation after transfer-pricing remand: fresh TPO reference did not extend the assessment deadline, rendering the consequential assessment time-barr...
Interim judicial restraint on tax deduction prevents default, while supporting reasonable cause and penalty deletion for foreign-leg LFC reimbursement...
Palmolein classification defeated the crude-oil concession; material misdeclaration sustained recovery and confiscation, while separate false-document...
Material defects in the Information Memorandum, including overstated debt, omission of guarantor recovery, erroneous creditor ranking and undisclosed SEZ de-notification, distort voting, valuation and resolution-plan feasibility; commercial wisdom cannot cure those defects. A corporate guarantor that pays the financial creditor is subrogated to secured rights only to the amount paid and must be ranked as a secured financial creditor. The financial creditor's claim against the principal borrower must be recomputed from the finally adjudicated debt after crediting recovery from the guarantor. A plan requiring conversion or sub-leasing of SEZ leasehold land without statutory consent or completed approvals is neither feasible nor viable. The process must restart with a corrected Information Memorandum and fresh resolution invitation.
Material defects in the Information Memorandum, including overstated debt, omission of guarantor recovery, erroneous creditor ranking and undisclosed SEZ de-notification, distort voting, valuation and resolution-plan feasibility; commercial wisdom cannot cure those defects. A corporate guarantor that pays the financial creditor is subrogated to secured rights only to the amount paid and must be ranked as a secured financial creditor. The financial creditor's claim against the principal borrower must be recomputed from the finally adjudicated debt after crediting recovery from the guarantor. A plan requiring conversion or sub-leasing of SEZ leasehold land without statutory consent or completed approvals is neither feasible nor viable. The process must restart with a corrected Information Memorandum and fresh resolution invitation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4905 
