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...
Under the new tax regime, the Tribunal treated a previously filed Form 10IE as continuing where the assessee had already exercised the option and had not withdrawn it. It noted that the claim under section 115BAC for A.Y. 2023-24 could not be rejected merely because no fresh Form 10IE was filed for that year. The return should not have been processed under the old regime on that basis, and the Assessing Officer was directed to allow taxation under the new regime on the strength of the form already available on record.
Under the new tax regime, the Tribunal treated a previously filed Form 10IE as continuing where the assessee had already exercised the option and had not withdrawn it. It noted that the claim under section 115BAC for A.Y. 2023-24 could not be rejected merely because no fresh Form 10IE was filed for that year. The return should not have been processed under the old regime on that basis, and the Assessing Officer was directed to allow taxation under the new regime on the strength of the form already available on record.
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TaxTMI 
TaxTMI 
of 4916 
