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...
Reopening of assessment u/s 147 - Company had no cash balance in the last year for the purchase of property in cash as well as the Company cannot take unsecured loan or advance from customer in cash - it cannot be said that there was no tangible material with the A.O. to form an opinion that income chargeable to tax has escaped assessment - HC
Reopening of assessment u/s 147 - Company had no cash balance in the last year for the purchase of property in cash as well as the Company cannot take unsecured loan or advance from customer in cash - it cannot be said that there was no tangible material with the A.O. to form an opinion that income chargeable to tax has escaped assessment - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
