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 HC held that in the demand notice, if the cheque amount and other claimed amounts are mentioned separately, it is a valid notice u/s 138(b) of the NI Act. Non-production of bank statements or IT returns by the complainant does not vitiate the complaint itself. The accused did not deny his signature on the dishonored cheque, fulfilling ingredients u/ss 118 and 139 of the NI Act. The presumption that the cheque was issued for consideration shifts the burden on the accused to rebut it, which he failed. The appeal was allowed.
The HC held that in the demand notice, if the cheque amount and other claimed amounts are mentioned separately, it is a valid notice u/s 138(b) of the NI Act. Non-production of bank statements or IT returns by the complainant does not vitiate the complaint itself. The accused did not deny his signature on the dishonored cheque, fulfilling ingredients u/ss 118 and 139 of the NI Act. The presumption that the cheque was issued for consideration shifts the burden on the accused to rebut it, which he failed. The appeal was allowed.
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