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 allowed the petition and quashed the impugned cognizance and complaint under Section 138 of the NI Act. The court held the undated cheques were issued as security/advance conditional on performance of the sale agreement, and the condition precedent (transfer/possession of land) was not fulfilled by the respondent. Consequently no legally enforceable debt or subsisting liability existed at the time of presentation and dishonour, and the proceedings under Section 138 constituted misuse of process. Relief was granted to the petitioner, with the criminal proceedings under the NI Act set aside for want of a legally actionable liability.
The HC allowed the petition and quashed the impugned cognizance and complaint under Section 138 of the NI Act. The court held the undated cheques were issued as security/advance conditional on performance of the sale agreement, and the condition precedent (transfer/possession of land) was not fulfilled by the respondent. Consequently no legally enforceable debt or subsisting liability existed at the time of presentation and dishonour, and the proceedings under Section 138 constituted misuse of process. Relief was granted to the petitioner, with the criminal proceedings under the NI Act set aside for want of a legally actionable liability.
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