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...
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
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TaxTMI 
TaxTMI 
of 4918 
