Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
The SC dismissed the Revenue's Special Leave Petition challenging the reopening of assessment under section 133A based on a survey of a bank. The petitioner's transactions with the bank involved inward and outward remittances, with discrepancies arising from the bank's use of both notional and actual realized exchange rates. The HC found that the petitioner had furnished all relevant material during the regular assessment, including bank statements reflecting actual realized rates, negating any prima facie belief of income escapement. The SC noted an unexplained inordinate delay of 198 days in filing and 79 days in refiling the SLP. On both procedural delay and substantive grounds, the SC upheld the High Court's order, concluding there was no justification to interfere with the assessment reopening. The petition was accordingly dismissed.
The SC dismissed the Revenue's Special Leave Petition challenging the reopening of assessment under section 133A based on a survey of a bank. The petitioner's transactions with the bank involved inward and outward remittances, with discrepancies arising from the bank's use of both notional and actual realized exchange rates. The HC found that the petitioner had furnished all relevant material during the regular assessment, including bank statements reflecting actual realized rates, negating any prima facie belief of income escapement. The SC noted an unexplained inordinate delay of 198 days in filing and 79 days in refiling the SLP. On both procedural delay and substantive grounds, the SC upheld the High Court's order, concluding there was no justification to interfere with the assessment reopening. The petition was accordingly dismissed.
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