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...
Where an assessee filed return under the presumptive taxation scheme in section 44AD, which does not require maintenance of books of account, the Pr. CIT could not invoke section 263 to reopen the assessment and treat bank deposits as unexplained under section 68. The Tribunal noted that the Assessing Officer had considered the relevant issues and that the revisional authority merely substituted its own view on further enquiries and third-party evidence. On those facts, the revisional order was found to suffer from lack of jurisdiction and was quashed.
Where an assessee filed return under the presumptive taxation scheme in section 44AD, which does not require maintenance of books of account, the Pr. CIT could not invoke section 263 to reopen the assessment and treat bank deposits as unexplained under section 68. The Tribunal noted that the Assessing Officer had considered the relevant issues and that the revisional authority merely substituted its own view on further enquiries and third-party evidence. On those facts, the revisional order was found to suffer from lack of jurisdiction and was quashed.
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TaxTMI 
TaxTMI 
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