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 - The primary task of the AO is to probe whether any income had escaped assessment when the original returns were accepted or merely framed u/s 143(1) - as it so happened in this case. AO cannot be expected to conduct a mini-investigation or assessment during the course of ascertaining whether the re-assessment notice needs to be gone further into.
Reopening of assessment - The primary task of the AO is to probe whether any income had escaped assessment when the original returns were accepted or merely framed u/s 143(1) - as it so happened in this case. AO cannot be expected to conduct a mini-investigation or assessment during the course of ascertaining whether the re-assessment notice needs to be gone further into.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
