https://www.taxtmi.com/caselaws?id=776072 Undervalued transactions under the Insolvency and Bankruptcy Code are assessed by reference to the insolvency commencement date, and for unrelated parties the look-back period is one year preceding that date; amounts outside that window cannot be included. The tribunal found the impugned dealings were purchase returns, not fresh purchases, because the corporate debtor's records, forensic audit material, and lack of supporting invoices or GST documentation supported undervaluation at heavily discounted values. It also held the transactions were not in the ordinary course of business and that Section 45 is not limited to related parties, so unrelated third parties may also be proceeded against. The only relief was revised computation within the correct period. en-us Fri, 25 Jul 2025 00:00:00 +0530 Mon, 04 Aug 2025 14:21:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776072 Undervalued transactions under the Insolvency and Bankruptcy Code are assessed by reference to the insolvency commencement date, and for unrelated parties the look-back period is one year preceding that date; amounts outside that window cannot be included. The tribunal found the impugned dealings were purchase returns, not fresh purchases, because the corporate debtor's records, forensic audit material, and lack of supporting invoices or GST documentation supported undervaluation at heavily discounted values. It also held the transactions were not in the ordinary course of business and that Section 45 is not limited to related parties, so unrelated third parties may also be proceeded against. The only relief was revised computation within the correct period. Case-Laws IBC Fri, 25 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776072