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...
Levy of penalty u/s 271(1)(c) - The assessee's specific case was that they were advised to file the return of income in a particular fashion and prior to the assessment proceedings, their Chartered Accountant had passed away and this had led to the mistake, which the AO pointed out during the assessment proceedings - penalty imposed by the AO and confirmed by the CIT(A) and ITAT is perverse and liable to be set aside - HC
Levy of penalty u/s 271(1)(c) - The assessee's specific case was that they were advised to file the return of income in a particular fashion and prior to the assessment proceedings, their Chartered Accountant had passed away and this had led to the mistake, which the AO pointed out during the assessment proceedings - penalty imposed by the AO and confirmed by the CIT(A) and ITAT is perverse and liable to be set aside - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
