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 set aside ITAT's interpretation that stricter culpability standards are required for imposing penalty under s.271(1)(c). The court relied on Dharamendra Textile Processors, which established strict liability for concealment or inaccurate particulars in returns, clarifying that willful concealment is not essential for civil liability under s.271(1)(c), unlike prosecution under s.276-C. The HC distinguished this from Dilip N. Shroff, which was deemed incorrectly decided. Despite correcting the legal principle, the HC declined to interfere with ITAT's deletion of penalty in the specific case, as the amount was below Rs.5 lakhs and the assessee was an individual, thus partially affirming the ITAT order.
The HC set aside ITAT's interpretation that stricter culpability standards are required for imposing penalty under s.271(1)(c). The court relied on Dharamendra Textile Processors, which established strict liability for concealment or inaccurate particulars in returns, clarifying that willful concealment is not essential for civil liability under s.271(1)(c), unlike prosecution under s.276-C. The HC distinguished this from Dilip N. Shroff, which was deemed incorrectly decided. Despite correcting the legal principle, the HC declined to interfere with ITAT's deletion of penalty in the specific case, as the amount was below Rs.5 lakhs and the assessee was an individual, thus partially affirming the ITAT order.
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TaxTMI 
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