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...
Delay in deposit of TDS led to a complaint against the company and its directors for an offense u/ss 276B and 278B. However, the TDS was deposited with interest u/s 201(1A). No notice was issued to treat any director as a 'Principal Officer' u/s 201(3), nor was any order passed deeming them 'assessee in default'. For the relevant assessment year, the company was held not to be an 'assessee in default'. No penalty was imposed on the company or directors u/s 221 for failure to pay tax. The directors' roles regarding consent, connivance, or negligence u/s 278B(2) were not established. Prosecuting the directors would amount to abuse of process when the revenue chose not to invoke Section 221 against the company or principal officer. Relying on K.C. Builders case, the petition was allowed.
Delay in deposit of TDS led to a complaint against the company and its directors for an offense u/ss 276B and 278B. However, the TDS was deposited with interest u/s 201(1A). No notice was issued to treat any director as a 'Principal Officer' u/s 201(3), nor was any order passed deeming them 'assessee in default'. For the relevant assessment year, the company was held not to be an 'assessee in default'. No penalty was imposed on the company or directors u/s 221 for failure to pay tax. The directors' roles regarding consent, connivance, or negligence u/s 278B(2) were not established. Prosecuting the directors would amount to abuse of process when the revenue chose not to invoke Section 221 against the company or principal officer. Relying on K.C. Builders case, the petition was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
