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 u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and “furnishing of inaccurate particulars of income” can be established only with reference to the income declared in the return of income - If income declared is accepted, no penalty levied u/s 271(1)(c).
Penalty u/s 271(1)(c) - additional income was declared in survey u/s 133A - date of filing of return u/s 139(1) had not expired - The fact of “concealment of income” and “furnishing of inaccurate particulars of income” can be established only with reference to the income declared in the return of income - If income declared is accepted, no penalty levied u/s 271(1)(c).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
