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...
The HC dismissed all three appeals, holding that no proprietary right vested in the Purchaser in Liquidation under Section 54 because the Agreement to Sell stipulated full payment within 12 months and conditional transfer rights; permission to take bookings did not amount to a transferable right. The vendor validly terminated the ATS pursuant to its terms and is entitled to forfeit 20% of the sale consideration. The vendor must be afforded an opportunity to prove actual damages, particularly arising from the Purchaser's default in payments to the Authority, aggregate dues exceeding Rs.25 crores. The Court declined to adjudicate disputed monetary claims absent evidence and noted the Purchaser had not instituted a suit triable under Section 446(2).
The HC dismissed all three appeals, holding that no proprietary right vested in the Purchaser in Liquidation under Section 54 because the Agreement to Sell stipulated full payment within 12 months and conditional transfer rights; permission to take bookings did not amount to a transferable right. The vendor validly terminated the ATS pursuant to its terms and is entitled to forfeit 20% of the sale consideration. The vendor must be afforded an opportunity to prove actual damages, particularly arising from the Purchaser's default in payments to the Authority, aggregate dues exceeding Rs.25 crores. The Court declined to adjudicate disputed monetary claims absent evidence and noted the Purchaser had not instituted a suit triable under Section 446(2).
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