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...
Penalty u/s 271D - violation of section 269SS - assessee had taken the cash loans from the close relatives i.e. sons-in-law whose spouses are partners and amounts taken as capital contribution but due to inadvertent mistake of the accountant the same was recorded as loans - all of them are assessed to income tax and submitted the confirmations - these aspect neither examined by the JCIT nor by CIT(A) by making cross verification - No penalty
Penalty u/s 271D - violation of section 269SS - assessee had taken the cash loans from the close relatives i.e. sons-in-law whose spouses are partners and amounts taken as capital contribution but due to inadvertent mistake of the accountant the same was recorded as loans - all of them are assessed to income tax and submitted the confirmations - these aspect neither examined by the JCIT nor by CIT(A) by making cross verification - No penalty
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
