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...
HC determined that the summoning order in a cheque dishonour case under Section 138 of NI Act was unsustainable due to limitation period violation. Despite legal provisions allowing condonation of delay, the Metropolitan Magistrate failed to apply judicial mind to the delay or provide formal condonation. The Court set aside the summoning order, effectively halting proceedings, and provided an opportunity for the complainant to justify delay through appropriate legal mechanisms. The petition was partially allowed, with the impugned order being quashed and the matter potentially remanded for reconsideration of limitation issues.
HC determined that the summoning order in a cheque dishonour case under Section 138 of NI Act was unsustainable due to limitation period violation. Despite legal provisions allowing condonation of delay, the Metropolitan Magistrate failed to apply judicial mind to the delay or provide formal condonation. The Court set aside the summoning order, effectively halting proceedings, and provided an opportunity for the complainant to justify delay through appropriate legal mechanisms. The petition was partially allowed, with the impugned order being quashed and the matter potentially remanded for reconsideration of limitation issues.
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