Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
A cheque originally issued as security can support a Section 138 prosecution if a legally enforceable liability exists on the date of presentation; once execution of a signed cheque is admitted, the presumptions under Sections 118 and 139 operate for the payee, and the drawer must rebut them at trial. On the pleadings, emails and repayment discussions prima facie indicated a subsisting liability, so the security-cheque defence did not justify quashing. For company liability, specific averments that directors were in charge of and responsible for the business are sufficient at the threshold; a managing director and cheque signatory may be proceeded against, while the non-signatory director was not immune where adequate allegations were made. The complaint was allowed to proceed.
A cheque originally issued as security can support a Section 138 prosecution if a legally enforceable liability exists on the date of presentation; once execution of a signed cheque is admitted, the presumptions under Sections 118 and 139 operate for the payee, and the drawer must rebut them at trial. On the pleadings, emails and repayment discussions prima facie indicated a subsisting liability, so the security-cheque defence did not justify quashing. For company liability, specific averments that directors were in charge of and responsible for the business are sufficient at the threshold; a managing director and cheque signatory may be proceeded against, while the non-signatory director was not immune where adequate allegations were made. The complaint was allowed to proceed.
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