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...
Quashing of prosecution u/s 276C and 277 - Penalty u/s 271(1)(c) deleted by CIT and confirmed by Tribunal - the prosecution cannot be sustained since the penalty after having been deleted by the complainant following the Appellate Tribunal's order, no offence survives under the Income Tax Act and thus “quashing of prosecution is automatic.”
Quashing of prosecution u/s 276C and 277 - Penalty u/s 271(1)(c) deleted by CIT and confirmed by Tribunal - the prosecution cannot be sustained since the penalty after having been deleted by the complainant following the Appellate Tribunal's order, no offence survives under the Income Tax Act and thus “quashing of prosecution is automatic.”
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
