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...
The High Court quashed the reassessment notices issued u/s 148 and the consequent initiation of reassessment proceedings, ruling in favor of the assessee. The key points are: 1) Failure to electronically upload Form 10CCB cannot lead to the conclusion that the assessee failed to make a full and true disclosure, as required for reopening assessment u/s 147. 2) For the assessment years 2013-14 and 2014-15, the reassessment action was initiated beyond the maximum permissible period of six years u/s 149, rendering it invalid. 3) Section 80-IA(7) prior to its amendment in 2020 only required furnishing the audit report along with the return, and failure to electronically file it u/r 12 cannot be considered fatal to the claim u/s 80-IA. 4) The requirement of furnishing the audit report before the specified date u/s 44AB was introduced only in 2020, and the court left open the question of its impact post-2020. 5) Section 10B(8) has more imperative language than Section 80-IA(7) regarding furnishing declarations before the due date u/s 139(1).
The High Court quashed the reassessment notices issued u/s 148 and the consequent initiation of reassessment proceedings, ruling in favor of the assessee. The key points are: 1) Failure to electronically upload Form 10CCB cannot lead to the conclusion that the assessee failed to make a full and true disclosure, as required for reopening assessment u/s 147. 2) For the assessment years 2013-14 and 2014-15, the reassessment action was initiated beyond the maximum permissible period of six years u/s 149, rendering it invalid. 3) Section 80-IA(7) prior to its amendment in 2020 only required furnishing the audit report along with the return, and failure to electronically file it u/r 12 cannot be considered fatal to the claim u/s 80-IA. 4) The requirement of furnishing the audit report before the specified date u/s 44AB was introduced only in 2020, and the court left open the question of its impact post-2020. 5) Section 10B(8) has more imperative language than Section 80-IA(7) regarding furnishing declarations before the due date u/s 139(1).
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