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...
Section 108 summonsed witnesses and statements must be treated as examinable evidence; under the scheme equivalent to court proceedings a witness should be examined and the adjudicating authority must determine admissibility before admission, after which the opposing party is entitled to cross-examination noncompliance renders such statements inadmissible, and retracted statements are not usable. Electronic records including computer printouts and emails require procedural safeguards (such as panchnama and compliance with provisions governing electronic evidence) before being admitted; absence of such compliance meant the reassessment rejecting declared transaction value and consequent demands, confiscation and penalties could not be sustained, and the impugned order was set aside.
Section 108 summonsed witnesses and statements must be treated as examinable evidence; under the scheme equivalent to court proceedings a witness should be examined and the adjudicating authority must determine admissibility before admission, after which the opposing party is entitled to cross-examination noncompliance renders such statements inadmissible, and retracted statements are not usable. Electronic records including computer printouts and emails require procedural safeguards (such as panchnama and compliance with provisions governing electronic evidence) before being admitted; absence of such compliance meant the reassessment rejecting declared transaction value and consequent demands, confiscation and penalties could not be sustained, and the impugned order was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
