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) - tax u/s 115JB - assessee’s claim was that it was falling u/s 115JA and duly supported by the certificate of the auditors - If the claim was wrong the responsibility was that of the auditor who duly certified the same - assessee cannot be visited with penalty for the mistake of its consultant/auditor - no penalty
Penalty u/s 271(1)(c) - tax u/s 115JB - assessee’s claim was that it was falling u/s 115JA and duly supported by the certificate of the auditors - If the claim was wrong the responsibility was that of the auditor who duly certified the same - assessee cannot be visited with penalty for the mistake of its consultant/auditor - no penalty
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
