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 the sale of copper ingots was vitiated by material misdescription and latent defects. Despite the "as is where is" clause, the buyer could not be held liable for defects not discoverable through reasonable inspection. The court applied Sections 15 and 16 of the Sale of Goods Act, finding that the goods did not match the auction notice description. The principle of caveat emptor does not absolve the seller from liability when latent defects exist. Consequently, the court set aside the sale and allowed the applicant's refund request, emphasizing the seller's obligation to provide goods matching the advertised description.
HC held that the sale of copper ingots was vitiated by material misdescription and latent defects. Despite the "as is where is" clause, the buyer could not be held liable for defects not discoverable through reasonable inspection. The court applied Sections 15 and 16 of the Sale of Goods Act, finding that the goods did not match the auction notice description. The principle of caveat emptor does not absolve the seller from liability when latent defects exist. Consequently, the court set aside the sale and allowed the applicant's refund request, emphasizing the seller's obligation to provide goods matching the advertised description.
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