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...
Pecuniary jurisdiction is inapplicable to search assessments...
Pecuniary jurisdiction in search assessments clarified; Assistant/Deputy Commissioner empowered and search-based additions upheld where incriminating material exists.
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Pecuniary jurisdiction is inapplicable to search assessments because such assessments are not assigned by pecuniary limits; the lowest authority competent to complete a search assessment is the Assistant or Deputy Commissioner, and jurisdictional objections were rejected. Where incriminating material was found during search, additions based on that material are sustainable; a contrary rule for unabated assessments without incriminating material was distinguished. Treating on-money as part of sales requires adding only the profit element rather than entire gross receipts. A provision for interest on delayed service tax was held compensatory, not contingent. Admissions of bogus purchases shift primary onus to assessee, and a single foreign comparable failed as a reliable CUP for CCD interest, supporting an ALP adjustment.
Pecuniary jurisdiction is inapplicable to search assessments because such assessments are not assigned by pecuniary limits; the lowest authority competent to complete a search assessment is the Assistant or Deputy Commissioner, and jurisdictional objections were rejected. Where incriminating material was found during search, additions based on that material are sustainable; a contrary rule for unabated assessments without incriminating material was distinguished. Treating on-money as part of sales requires adding only the profit element rather than entire gross receipts. A provision for interest on delayed service tax was held compensatory, not contingent. Admissions of bogus purchases shift primary onus to assessee, and a single foreign comparable failed as a reliable CUP for CCD interest, supporting an ALP adjustment.
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