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...
Illness supported by undisputed medical material was treated as sufficient cause for condoning a 36-day delay in a petition under Section 58(3) of the Companies Act, with the Tribunal noting that the explanation remained uncontroverted despite opportunity. It held that "sufficient cause" is to be construed liberally to secure decision on merits, that Section 58(3) does not create a non-condonable outer limit, and that the Limitation Act principles could apply through Section 433 read with Section 29, with Rule 11 also available to advance substantial justice. The challenge to condonation was rejected and the delay remained condoned.
Illness supported by undisputed medical material was treated as sufficient cause for condoning a 36-day delay in a petition under Section 58(3) of the Companies Act, with the Tribunal noting that the explanation remained uncontroverted despite opportunity. It held that "sufficient cause" is to be construed liberally to secure decision on merits, that Section 58(3) does not create a non-condonable outer limit, and that the Limitation Act principles could apply through Section 433 read with Section 29, with Rule 11 also available to advance substantial justice. The challenge to condonation was rejected and the delay remained condoned.
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