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 SC held that the respondent did not qualify as a "consumer" under the Consumer Protection Act, 1986, due to lack of privity of contract with the appellant. The appellant's liability, if any existed, was limited to what was stipulated in the Home Loan Agreement with the borrower, and specifically to satisfying the complainant-respondent's dues with ICICI Bank (quantified at Rs.17,87,763/- and not exceeding Rs.23,40,000/-). The NCDRC erred in holding the appellant liable for Rs.31,00,000/-. Additionally, the NCDRC failed to properly address the significant delay in filing the complaint (filed in 2018 for a cause of action from 2008) by neither providing reasons nor issuing a formal order condoning the delay. Appeal allowed.
The SC held that the respondent did not qualify as a "consumer" under the Consumer Protection Act, 1986, due to lack of privity of contract with the appellant. The appellant's liability, if any existed, was limited to what was stipulated in the Home Loan Agreement with the borrower, and specifically to satisfying the complainant-respondent's dues with ICICI Bank (quantified at Rs.17,87,763/- and not exceeding Rs.23,40,000/-). The NCDRC erred in holding the appellant liable for Rs.31,00,000/-. Additionally, the NCDRC failed to properly address the significant delay in filing the complaint (filed in 2018 for a cause of action from 2008) by neither providing reasons nor issuing a formal order condoning the delay. Appeal allowed.
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TaxTMI 
TaxTMI 
of 4918 
