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...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
Cash repayment of a family loan between spouses did not justify penalty under section 271E where the loan was fully explained, used for the benefit of the family, and gave rise to no addition. The Tribunal treated both the husband-wife loan transaction and the partial repayment to the wife as family-benefit transactions, following a co-ordinate Bench decision. It held that these circumstances established reasonable cause and made the penalty unsustainable. The penalty was therefore deleted and the appeal was allowed.
Cash repayment of a family loan between spouses did not justify penalty under section 271E where the loan was fully explained, used for the benefit of the family, and gave rise to no addition. The Tribunal treated both the husband-wife loan transaction and the partial repayment to the wife as family-benefit transactions, following a co-ordinate Bench decision. It held that these circumstances established reasonable cause and made the penalty unsustainable. The penalty was therefore deleted and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
