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...
Share-purchase consideration paid under a tripartite memorandum, without an obligation to repay or a return for its use, does not satisfy the requirement of disbursement against consideration for time value of money and therefore is not financial debt under the Insolvency and Bankruptcy Code. A claimed oral conversion into an interest-bearing loan requires proof and cannot be established in summary proceedings. Balance-sheet entries, balance confirmations, interest credits and tax deduction at source do not alter the payment's original character or independently prove such an agreement, especially where interest was not paid. Clerical misdescriptions causing no prejudice do not justify interference. Civil remedies remain open.
Share-purchase consideration paid under a tripartite memorandum, without an obligation to repay or a return for its use, does not satisfy the requirement of disbursement against consideration for time value of money and therefore is not financial debt under the Insolvency and Bankruptcy Code. A claimed oral conversion into an interest-bearing loan requires proof and cannot be established in summary proceedings. Balance-sheet entries, balance confirmations, interest credits and tax deduction at source do not alter the payment's original character or independently prove such an agreement, especially where interest was not paid. Clerical misdescriptions causing no prejudice do not justify interference. Civil remedies remain open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
