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 requirement of pre-consultation under the CBEC circular for matters involving demands exceeding Rs.50 lakhs is mandatory; absence of effective pre-consultation violated principles of natural justice. The court found the asserted pre-consultation notice was not actually received and that pandemic-related circumstances did not cure the procedural lapse. Consequently, the impugned show cause notice and the consequent original order were quashed and set aside. The Petitioner's challenge was allowed, and the Respondents were granted liberty to initiate and conduct the mandatory pre-consultation afresh in accordance with the circular and applicable law, after which further proceedings may be undertaken.
The HC held that the requirement of pre-consultation under the CBEC circular for matters involving demands exceeding Rs.50 lakhs is mandatory; absence of effective pre-consultation violated principles of natural justice. The court found the asserted pre-consultation notice was not actually received and that pandemic-related circumstances did not cure the procedural lapse. Consequently, the impugned show cause notice and the consequent original order were quashed and set aside. The Petitioner's challenge was allowed, and the Respondents were granted liberty to initiate and conduct the mandatory pre-consultation afresh in accordance with the circular and applicable law, after which further proceedings may be undertaken.
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TaxTMI 
TaxTMI 
of 4918 
