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...
Criminal proceedings involving allegations of fraudulent activities in an IPO were challenged. The validity hinged on whether a Single Judge or Division Bench should hear the case after SEBI settlement. The Supreme Court held that since a previous Division Bench had rejected the respondent's contentions, the present matter should have been heard by a Division Bench, not a Single Judge. The court refrained from commenting on merits to avoid prejudicing parties. It set aside the Single Judge's order quashing proceedings post-SEBI settlement and remanded the case to the Bombay High Court's Division Bench for an independent decision on quashing, uninfluenced by previous orders. An interim stay on further proceedings was granted for four weeks, with liberty to seek extension/modification from the Division Bench, which must dispose of the matter expeditiously within three months.
Criminal proceedings involving allegations of fraudulent activities in an IPO were challenged. The validity hinged on whether a Single Judge or Division Bench should hear the case after SEBI settlement. The Supreme Court held that since a previous Division Bench had rejected the respondent's contentions, the present matter should have been heard by a Division Bench, not a Single Judge. The court refrained from commenting on merits to avoid prejudicing parties. It set aside the Single Judge's order quashing proceedings post-SEBI settlement and remanded the case to the Bombay High Court's Division Bench for an independent decision on quashing, uninfluenced by previous orders. An interim stay on further proceedings was granted for four weeks, with liberty to seek extension/modification from the Division Bench, which must dispose of the matter expeditiously within three months.
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TaxTMI 
TaxTMI 
of 4921 
