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 dismissed the Revenue's appeal challenging the reopening of assessment under s.147 and disallowance under Explanation 1 to s.37(1). The Tribunal had found that the assessee correctly reported iron ore production figures in Form H-1 submitted to Indian Bureau of Mines and in Form 3CD. The Court found no perversity in this concurrent finding of fact. Regarding the allegation of illegal mining operations without environmental clearance based on Justice M.B. Shah Commission's report, the HC noted that the Central Empowered Committee had opined that mining without clearance does not constitute illegal mining. The Court held that Explanation 1 to s.37(1) would only apply if the activity were declared illegal, penalty imposed, and claimed as expenditure by the assessee.
The HC dismissed the Revenue's appeal challenging the reopening of assessment under s.147 and disallowance under Explanation 1 to s.37(1). The Tribunal had found that the assessee correctly reported iron ore production figures in Form H-1 submitted to Indian Bureau of Mines and in Form 3CD. The Court found no perversity in this concurrent finding of fact. Regarding the allegation of illegal mining operations without environmental clearance based on Justice M.B. Shah Commission's report, the HC noted that the Central Empowered Committee had opined that mining without clearance does not constitute illegal mining. The Court held that Explanation 1 to s.37(1) would only apply if the activity were declared illegal, penalty imposed, and claimed as expenditure by the assessee.
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