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 upheld the acquittal of the accused in a Section 138 NI Act complaint, emphasizing the appellate court's limited scope when overturning acquittals in cheque dishonour cases. Although statutory presumptions under Sections 118 and 139 NI Act favor the complainant once cheque execution is admitted, the accused successfully raised a probable defense by demonstrating repayment of the cheque amount. The acquittal rested on the complainant's failure to prove the existence of a separate debt, not on the accused's version being flawless. The court found no perversity in the trial court's appreciation of evidence and dismissed the appeal, reaffirming the presumption of innocence and the finality of the acquittal.
The HC upheld the acquittal of the accused in a Section 138 NI Act complaint, emphasizing the appellate court's limited scope when overturning acquittals in cheque dishonour cases. Although statutory presumptions under Sections 118 and 139 NI Act favor the complainant once cheque execution is admitted, the accused successfully raised a probable defense by demonstrating repayment of the cheque amount. The acquittal rested on the complainant's failure to prove the existence of a separate debt, not on the accused's version being flawless. The court found no perversity in the trial court's appreciation of evidence and dismissed the appeal, reaffirming the presumption of innocence and the finality of the acquittal.
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