Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
HC held that a best judgment assessment under Section 62 cannot stand unless the statutory notice preceding the assessment is proved to have been served in a mode recognised by Section 169. A mere recital in the assessment order that notice was issued was insufficient, and the respondents produced no material showing valid service before completion of the assessments. In the absence of proof of service of the mandatory notice, the impugned assessment orders were quashed and the matter was left open for fresh consideration after due notice, if warranted.
HC held that a best judgment assessment under Section 62 cannot stand unless the statutory notice preceding the assessment is proved to have been served in a mode recognised by Section 169. A mere recital in the assessment order that notice was issued was insufficient, and the respondents produced no material showing valid service before completion of the assessments. In the absence of proof of service of the mandatory notice, the impugned assessment orders were quashed and the matter was left open for fresh consideration after due notice, if warranted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
