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...
HC dismissed the petition and upheld the reopening of assessment. The court held that s.149(1)(b) is a jurisdictional fact to be established before reopening for escaped income, and the impugned order rested on a reasonable belief formed after a s.133A survey. The petitioner may adduce ledger entries and material in the pending inquiry; disputed questions of fact (including whether Rs.1,50,50,000 related to advances or AY 2020-21 expenditure) preclude relief under extraordinary writ jurisdiction. The HC found pre-conditions under s.148A(b) satisfied and no jurisdictional error in the exercise under s.148A(d). Article 226 cannot correct intra-jurisdictional errors of law/fact; petition dismissed.
HC dismissed the petition and upheld the reopening of assessment. The court held that s.149(1)(b) is a jurisdictional fact to be established before reopening for escaped income, and the impugned order rested on a reasonable belief formed after a s.133A survey. The petitioner may adduce ledger entries and material in the pending inquiry; disputed questions of fact (including whether Rs.1,50,50,000 related to advances or AY 2020-21 expenditure) preclude relief under extraordinary writ jurisdiction. The HC found pre-conditions under s.148A(b) satisfied and no jurisdictional error in the exercise under s.148A(d). Article 226 cannot correct intra-jurisdictional errors of law/fact; petition dismissed.
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