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...
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Clause (ii) of Condition No. 6 in the exemption notification, requiring exports to be backed by an irrevocable letter of credit opened before 25.08.2023, was held inapplicable where no letter of credit existed, since export through LoC is not statutorily mandatory and the condition presupposes an LoC-based transaction. Reading clauses (i) and (ii) conjunctively merely due to the word "and" was rejected; conditions must be construed contextually to avoid absurdity, and procedural requirements cannot defeat substantive entitlement where the notification's protective object is met. As the exporter satisfied clause (i) and realised export proceeds through recognised modes, exemption was granted and refund with interest was ordered within eight weeks - HC
Clause (ii) of Condition No. 6 in the exemption notification, requiring exports to be backed by an irrevocable letter of credit opened before 25.08.2023, was held inapplicable where no letter of credit existed, since export through LoC is not statutorily mandatory and the condition presupposes an LoC-based transaction. Reading clauses (i) and (ii) conjunctively merely due to the word "and" was rejected; conditions must be construed contextually to avoid absurdity, and procedural requirements cannot defeat substantive entitlement where the notification's protective object is met. As the exporter satisfied clause (i) and realised export proceeds through recognised modes, exemption was granted and refund with interest was ordered within eight weeks - HC
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