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...
The HC dismissed a petition challenging acquittal under Section 138 of the Negotiable Instruments Act. The accused successfully rebutted statutory presumptions under Sections 118 and 139 by raising probable defence that no debt existed. The complainant failed to produce documentary evidence or witnesses proving advancement of the alleged friendly loan, despite cross-examination highlighting absence of corroborative evidence regarding loan's mode, manner, date, or purpose. Once the accused dislodged the presumption through probable defence, burden shifted to complainant to prove debt's existence as matter of fact. The Court found no perversity in the trial court's acquittal order, noting that acquittal fortifies presumption of innocence and should not be disturbed absent perverse evidence appreciation.
The HC dismissed a petition challenging acquittal under Section 138 of the Negotiable Instruments Act. The accused successfully rebutted statutory presumptions under Sections 118 and 139 by raising probable defence that no debt existed. The complainant failed to produce documentary evidence or witnesses proving advancement of the alleged friendly loan, despite cross-examination highlighting absence of corroborative evidence regarding loan's mode, manner, date, or purpose. Once the accused dislodged the presumption through probable defence, burden shifted to complainant to prove debt's existence as matter of fact. The Court found no perversity in the trial court's acquittal order, noting that acquittal fortifies presumption of innocence and should not be disturbed absent perverse evidence appreciation.
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