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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The High Court reviewed a case involving proceedings under FERA against a juristic person. The petitioner contended that the complaint was invalid as it was not filed by the authorized personnel as required by Section 61 (2) (ii) of FERA, 1973. The court found that the complaint lacked proper authorization and relied on a statement that did not support the allegations. Referring to a legal precedent, the court determined that the petitioner should be exonerated from criminal prosecution due to the lack of merit in the case. Consequently, the court deemed the continuation of the complaint case as an abuse of the court process and quashed it.
The High Court reviewed a case involving proceedings under FERA against a juristic person. The petitioner contended that the complaint was invalid as it was not filed by the authorized personnel as required by Section 61 (2) (ii) of FERA, 1973. The court found that the complaint lacked proper authorization and relied on a statement that did not support the allegations. Referring to a legal precedent, the court determined that the petitioner should be exonerated from criminal prosecution due to the lack of merit in the case. Consequently, the court deemed the continuation of the complaint case as an abuse of the court process and quashed it.
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