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 dismissed the writ petition filed against the order of assessment passed u/s 153A, making additions u/s 69A of the Income Tax Act. The Court held that the availability of an alternative statutory remedy of appeal u/s 246A is not a bar to exercise jurisdiction under Article 226 of the Constitution, subject to certain limitations. However, the petitioner failed to demonstrate any exceptional situation warranting interference under Article 226. The Court found that the Assessing Officer's action of bringing unexplained receipts to tax cannot be construed as without jurisdiction or violating principles of natural justice. The petitioner did not substantiate the claims of fraud by ex-employees and failed to provide information sought regarding unsecured hand loans. The Court granted liberty to the petitioner to approach the appellate authority u/s 246A.
The High Court dismissed the writ petition filed against the order of assessment passed u/s 153A, making additions u/s 69A of the Income Tax Act. The Court held that the availability of an alternative statutory remedy of appeal u/s 246A is not a bar to exercise jurisdiction under Article 226 of the Constitution, subject to certain limitations. However, the petitioner failed to demonstrate any exceptional situation warranting interference under Article 226. The Court found that the Assessing Officer's action of bringing unexplained receipts to tax cannot be construed as without jurisdiction or violating principles of natural justice. The petitioner did not substantiate the claims of fraud by ex-employees and failed to provide information sought regarding unsecured hand loans. The Court granted liberty to the petitioner to approach the appellate authority u/s 246A.
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