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 levied u/s 271(1)(c) - deferred tax asset written off debited in the profit and loss account as exceptional item but the same has not been disallowed in the computation of taxable income - In the instant case, the assessee had made an inadvertent computation error while filing its return of income and accordingly the same was accepted by them in the course of assessment. The assessee has not in any way taken any benefit by carrying forward a higher loss. - Penalty deleted - AT
Penalty levied u/s 271(1)(c) - deferred tax asset written off debited in the profit and loss account as exceptional item but the same has not been disallowed in the computation of taxable income - In the instant case, the assessee had made an inadvertent computation error while filing its return of income and accordingly the same was accepted by them in the course of assessment. The assessee has not in any way taken any benefit by carrying forward a higher loss. - Penalty deleted - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
