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...
Admitted execution of a cheque triggers presumptions of consideration and legally enforceable liability; the drawer must rebut them through a probable defence on a preponderance of probabilities. Inconsistent claims that the cheque was lost or stolen, unsupported challenges to the payee's financial capacity, and non-disclosure of a cash loan in accounts or income-tax returns did not displace that presumption. Bank evidence showing credit to the named payee and a signed return memo established presentation and dishonour, notwithstanding alleged deposit through the payee's firm. "Refer to drawer" falls within dishonour for insufficiency of funds. Revisional jurisdiction does not permit reappreciation of evidence absent perversity, so the concurrent conviction remained undisturbed.
Admitted execution of a cheque triggers presumptions of consideration and legally enforceable liability; the drawer must rebut them through a probable defence on a preponderance of probabilities. Inconsistent claims that the cheque was lost or stolen, unsupported challenges to the payee's financial capacity, and non-disclosure of a cash loan in accounts or income-tax returns did not displace that presumption. Bank evidence showing credit to the named payee and a signed return memo established presentation and dishonour, notwithstanding alleged deposit through the payee's firm. "Refer to drawer" falls within dishonour for insufficiency of funds. Revisional jurisdiction does not permit reappreciation of evidence absent perversity, so the concurrent conviction remained undisturbed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
