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...
The High Court allowed the writ petition, holding that the transfer order issued u/s 127(2) of the Income Tax Act, 1961, was procedurally flawed. The Principal Commissioner of Income Tax, Kolkata-5, failed to adhere to the principles of natural justice by not providing an opportunity to be heard to the Petitioner and not disclosing the incriminating material despite objections raised. The impugned order lacked cogent reasons to justify the necessity of transfer, with vague and unsubstantiated reasons cited. The respondents failed to demonstrate compliance with the requirement of agreement between the jurisdictional Principal Commissioners. The purported need for coordinated investigation was not substantiated by specific or credible evidence linking the Petitioner's assessment to the alleged concealment of income by the partnership firm.
The High Court allowed the writ petition, holding that the transfer order issued u/s 127(2) of the Income Tax Act, 1961, was procedurally flawed. The Principal Commissioner of Income Tax, Kolkata-5, failed to adhere to the principles of natural justice by not providing an opportunity to be heard to the Petitioner and not disclosing the incriminating material despite objections raised. The impugned order lacked cogent reasons to justify the necessity of transfer, with vague and unsubstantiated reasons cited. The respondents failed to demonstrate compliance with the requirement of agreement between the jurisdictional Principal Commissioners. The purported need for coordinated investigation was not substantiated by specific or credible evidence linking the Petitioner's assessment to the alleged concealment of income by the partnership firm.
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