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...
Penalty for misreporting of income was held unsustainable where the return reflected a bona fide omission in not adjusting short-term capital loss against business income. The Tribunal found no misrepresentation, suppression of facts, false claim or false entry, and treated the error as apparent from the return itself. It further held that penalty required the assessing officer to specify the particular clause relied on for misreporting; absent such satisfaction in the assessment or penalty order, misreporting was not established and the penalty was cancelled.
Penalty for misreporting of income was held unsustainable where the return reflected a bona fide omission in not adjusting short-term capital loss against business income. The Tribunal found no misrepresentation, suppression of facts, false claim or false entry, and treated the error as apparent from the return itself. It further held that penalty required the assessing officer to specify the particular clause relied on for misreporting; absent such satisfaction in the assessment or penalty order, misreporting was not established and the penalty was cancelled.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
