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...
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Penalty imposed by the Settlement Commission u/s 271(1)(c) - The petitioner argued against the penalty, citing lack of mens rea and the absence of evidence showing awareness or receipt of any excess consideration. The court examined the disclosures made by the petitioner, discrepancies in stamp duty valuation, and the petitioner's explanation regarding ignorance of the sale deed executed by the Power of Attorney holder. Ultimately, the High Court found that the element of concealment was not established, especially considering the lack of independent evidence showing receipt of excess consideration. Consequently, the court set aside the penalty imposed by the Settlement Commission.
Penalty imposed by the Settlement Commission u/s 271(1)(c) - The petitioner argued against the penalty, citing lack of mens rea and the absence of evidence showing awareness or receipt of any excess consideration. The court examined the disclosures made by the petitioner, discrepancies in stamp duty valuation, and the petitioner's explanation regarding ignorance of the sale deed executed by the Power of Attorney holder. Ultimately, the High Court found that the element of concealment was not established, especially considering the lack of independent evidence showing receipt of excess consideration. Consequently, the court set aside the penalty imposed by the Settlement Commission.
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