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...
Validity of reassessment proceedings - scope of new regime u/s 148A - The High Court found that the respondents misinterpreted the Supreme Court's directive in Union of India & Ors. vs. Ashish Agarwal. The directive was not to reopen completed assessments but to treat notices issued post-April 1, 2021, under the unamended provisions as if they were issued under the new provisions of Section 148A. - The Court underscored that the procedural safeguards introduced by the Finance Act, 2021, through Section 148A were aimed at protecting the assessee's rights. - Consequently, the Court quashed the impugned SCN issued u/s 148A(b), the order u/s 148A(d), and the notice u/s 148.
Validity of reassessment proceedings - scope of new regime u/s 148A - The High Court found that the respondents misinterpreted the Supreme Court's directive in Union of India & Ors. vs. Ashish Agarwal. The directive was not to reopen completed assessments but to treat notices issued post-April 1, 2021, under the unamended provisions as if they were issued under the new provisions of Section 148A. - The Court underscored that the procedural safeguards introduced by the Finance Act, 2021, through Section 148A were aimed at protecting the assessee's rights. - Consequently, the Court quashed the impugned SCN issued u/s 148A(b), the order u/s 148A(d), and the notice u/s 148.
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TaxTMI 
TaxTMI 
of 4918 
