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 the essential ingredients for maintaining a complaint under Section 138 NI Act were missing against the petitioners. The petitioner designated as director with supporting emails was properly summoned, evidencing involvement in the accused company's affairs. However, another petitioner, Nishrin, lacked specific averments or communications demonstrating her role beyond mere designation. Mere titular status without concrete involvement or correspondence does not suffice to ascribe liability. Consequently, the summons issued against Nishrin was quashed, as she could not be held responsible for the company's affairs. The application to quash the summoning order against Nishrin was allowed.
The HC held that the essential ingredients for maintaining a complaint under Section 138 NI Act were missing against the petitioners. The petitioner designated as director with supporting emails was properly summoned, evidencing involvement in the accused company's affairs. However, another petitioner, Nishrin, lacked specific averments or communications demonstrating her role beyond mere designation. Mere titular status without concrete involvement or correspondence does not suffice to ascribe liability. Consequently, the summons issued against Nishrin was quashed, as she could not be held responsible for the company's affairs. The application to quash the summoning order against Nishrin was allowed.
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