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...
The text states that the three-month period for filing a bankruptcy application against a personal guarantor is directory, not mandatory, because Section 121(2) uses mandatory language without prescribing any consequence for delay. It further states that delay may be condoned on sufficient cause under the Limitation Act read with Section 238A of the Code, and that a dismissal solely on limitation without reasons is unsustainable. The application was therefore restored for consideration on merits.
The text states that the three-month period for filing a bankruptcy application against a personal guarantor is directory, not mandatory, because Section 121(2) uses mandatory language without prescribing any consequence for delay. It further states that delay may be condoned on sufficient cause under the Limitation Act read with Section 238A of the Code, and that a dismissal solely on limitation without reasons is unsustainable. The application was therefore restored for consideration on merits.
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TaxTMI 
TaxTMI 
of 4918 
