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...
Reassessment u/s 147 - original assessment u/s 143(3) - notice u/s 148 after expiry of four years - A bare perusal of the recorded reasons shows that there is no whisper in the reasons recorded that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment - issuance of notice u/s 148(2) as well as order passed u/s147 is bad in law
Reassessment u/s 147 - original assessment u/s 143(3) - notice u/s 148 after expiry of four years - A bare perusal of the recorded reasons shows that there is no whisper in the reasons recorded that there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment - issuance of notice u/s 148(2) as well as order passed u/s147 is bad in law
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
