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...
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HC held that secured creditor's rights take precedence over government tax dues, affirming a fundamental banking law principle. The court validated the auction sale of two helicopters to petitioner, dismissing income tax department's objections. The hypothecation agreement predated the tax department's prohibitory order, establishing secured creditor's priority rights. Tax authorities' failure to object despite prior auction notice (dated 06.09.2023) constituted tacit acceptance. Court emphasized that attachment order cannot impede auction sale when secured creditor's rights are superior. The sequential requirement of "attachment and sale" under Section 222(1)(a) remained unfulfilled by tax authorities who only issued prohibitory order without proceeding to sale. Petitions allowed, confirming petitioner's rightful acquisition through auction.
HC held that secured creditor's rights take precedence over government tax dues, affirming a fundamental banking law principle. The court validated the auction sale of two helicopters to petitioner, dismissing income tax department's objections. The hypothecation agreement predated the tax department's prohibitory order, establishing secured creditor's priority rights. Tax authorities' failure to object despite prior auction notice (dated 06.09.2023) constituted tacit acceptance. Court emphasized that attachment order cannot impede auction sale when secured creditor's rights are superior. The sequential requirement of "attachment and sale" under Section 222(1)(a) remained unfulfilled by tax authorities who only issued prohibitory order without proceeding to sale. Petitions allowed, confirming petitioner's rightful acquisition through auction.
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