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...
Reasonable cause under section 273B can protect against penalty for accepting a cash advance towards transfer of immovable property, even where the amount is a specified sum covered by section 269SS. Transaction genuineness and disclosure alone do not establish reasonable cause, but may support the bona fides of the explanation. Immediate personal funding needs, the purchaser's circumstances, prompt bank deposit of the cash, receipt of the balance through banking channels, and disclosure of the full sale consideration cumulatively supported reasonable cause. Penalty under section 271D was deleted.
Reasonable cause under section 273B can protect against penalty for accepting a cash advance towards transfer of immovable property, even where the amount is a specified sum covered by section 269SS. Transaction genuineness and disclosure alone do not establish reasonable cause, but may support the bona fides of the explanation. Immediate personal funding needs, the purchaser's circumstances, prompt bank deposit of the cash, receipt of the balance through banking channels, and disclosure of the full sale consideration cumulatively supported reasonable cause. Penalty under section 271D was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
