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 held that Independent Directors, defined under section 149(6) Companies Act, 2013, and Non-Executive Directors are protected from vicarious liability under section 149(12), being accountable only for omissions or commissions with their knowledge and consent. Liability under section 141 NI Act arises only if a director is in charge of and responsible for the company's business conduct at the time of the offence. Nominee Directors' liability depends on their specific role; being treated akin to Independent Directors under SEBI Listing Agreement, they are generally exempt from day-to-day operational liability. Consequently, the summoning orders dated 09.08.2017 against the Independent Directors, Non-Executive Directors, and the LIC Nominee Director were set aside, discharging them from proceedings. However, the summoning order against Petitioner/Accused No. 8 was upheld. The petition was allowed accordingly.
The HC held that Independent Directors, defined under section 149(6) Companies Act, 2013, and Non-Executive Directors are protected from vicarious liability under section 149(12), being accountable only for omissions or commissions with their knowledge and consent. Liability under section 141 NI Act arises only if a director is in charge of and responsible for the company's business conduct at the time of the offence. Nominee Directors' liability depends on their specific role; being treated akin to Independent Directors under SEBI Listing Agreement, they are generally exempt from day-to-day operational liability. Consequently, the summoning orders dated 09.08.2017 against the Independent Directors, Non-Executive Directors, and the LIC Nominee Director were set aside, discharging them from proceedings. However, the summoning order against Petitioner/Accused No. 8 was upheld. The petition was allowed accordingly.
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TaxTMI 
TaxTMI 
of 4918 
