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...
HC held that under Section 138 of the NI Act, a cheque's dishonour does not automatically constitute an offence. In this case, the petitioner's bank account was provisionally attached by CGST authorities, rendering it inoperable. Since the account was frozen and the petitioner could not access or maintain funds, the essential ingredients of Section 138 were not satisfied. Consequently, the court allowed the petition and quashed the summoning order, recognizing that account attachment prevents the account holder from maintaining sufficient funds for cheque payment.
HC held that under Section 138 of the NI Act, a cheque's dishonour does not automatically constitute an offence. In this case, the petitioner's bank account was provisionally attached by CGST authorities, rendering it inoperable. Since the account was frozen and the petitioner could not access or maintain funds, the essential ingredients of Section 138 were not satisfied. Consequently, the court allowed the petition and quashed the summoning order, recognizing that account attachment prevents the account holder from maintaining sufficient funds for cheque payment.
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TaxTMI 
TaxTMI 
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