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 Income Tax Appellate Tribunal held that the reopening of assessment and addition made u/s 68 of the Income Tax Act in the case of the assessee was unjustified and unsustainable. The assessee had established the identity, creditworthiness, and genuineness of the share capital through legal evidence. The Tribunal applied the law laid down in the case of M/s Gagandeep Infrastructure Pvt. Ltd. The regular assessment was framed u/s 143(3), and during the assessment process, the share capital contribution was examined and accepted. No new tangible material had emerged subsequent to the order passed u/s 143(3). The reasons recorded for reopening merely indicated information received regarding a statement given by an individual during a search conducted at his premises, which was not specific to the assessee's transaction. Consequently, the notice issued u/s 148 for reassessment was held to be not in accordance with the law, and the reassessment framed was canceled.
The Income Tax Appellate Tribunal held that the reopening of assessment and addition made u/s 68 of the Income Tax Act in the case of the assessee was unjustified and unsustainable. The assessee had established the identity, creditworthiness, and genuineness of the share capital through legal evidence. The Tribunal applied the law laid down in the case of M/s Gagandeep Infrastructure Pvt. Ltd. The regular assessment was framed u/s 143(3), and during the assessment process, the share capital contribution was examined and accepted. No new tangible material had emerged subsequent to the order passed u/s 143(3). The reasons recorded for reopening merely indicated information received regarding a statement given by an individual during a search conducted at his premises, which was not specific to the assessee's transaction. Consequently, the notice issued u/s 148 for reassessment was held to be not in accordance with the law, and the reassessment framed was canceled.
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TaxTMI 
TaxTMI 
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