Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
Reassessment notice issued after three years was held barred by limitation because the factual foundation was incorrect. The Tribunal noted that the assessee's bank statements showed cash deposits of only Rs. 19,50,000 in the two IDBI Bank accounts, not the higher aggregate assumed by the AO. It held that the validity of notice under section 148 must be tested on the correct facts, and an otherwise time-barred notice cannot be sustained by relying on erroneous figures in the section 148A(b) notice, the section 148A(d) order, or the section 148 notice itself. The reassessment order was therefore also vitiated.
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TaxTMI 
TaxTMI 
