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...
Reopening of assessment u/s 147 - Undisclosed purchase of land - the fact was discovered by the Assessing Officer on the basis of the report of District Registrar - the ingredients of first proviso to section 147 appear to be made out on the basis of materials on records. If that is so, the initiation of reassessment proceedings under section 148 beyond the limitation of four years, as prescribed under the first proviso to section 147 and also under section 149(1) (b) is not in breach of the statutory provisions - HC
Reopening of assessment u/s 147 - Undisclosed purchase of land - the fact was discovered by the Assessing Officer on the basis of the report of District Registrar - the ingredients of first proviso to section 147 appear to be made out on the basis of materials on records. If that is so, the initiation of reassessment proceedings under section 148 beyond the limitation of four years, as prescribed under the first proviso to section 147 and also under section 149(1) (b) is not in breach of the statutory provisions - HC
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TaxTMI 
TaxTMI 
of 4916 
