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...
ITAT allowed the assessee's appeal and quashed the reassessment proceedings. It held that for AY 2013-14, the statutory time limit for issuing notice u/s 148 expired on 31.03.2020, whereas the AO issued notice on 16.04.2021, rendering it time-barred and invalid. Further, sanction for issuance of notice was obtained from the PCIT instead of the competent authority, the PCCIT, vitiating the proceedings. The Tribunal held that such foundational defects in jurisdiction and sanction are not curable u/s 292BB, and consequently the reassessment was invalid.
ITAT allowed the assessee's appeal and quashed the reassessment proceedings. It held that for AY 2013-14, the statutory time limit for issuing notice u/s 148 expired on 31.03.2020, whereas the AO issued notice on 16.04.2021, rendering it time-barred and invalid. Further, sanction for issuance of notice was obtained from the PCIT instead of the competent authority, the PCCIT, vitiating the proceedings. The Tribunal held that such foundational defects in jurisdiction and sanction are not curable u/s 292BB, and consequently the reassessment was invalid.
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TaxTMI 
TaxTMI 
of 4918 
