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 u/s 271(1)(b) - assessment has been completed u/s 143(3) - Assessee has not complied to the statutory notice issued by the AO - Since the assessment in the instant case has ultimately been completed u/s 143(3) of the Act on the basis of various details filed by the assessee before the AO, therefore, considering the totality of the facts of the case it is not a fit case for levy of penalty u/s 271(1)(b) - AT
Penalty u/s 271(1)(b) - assessment has been completed u/s 143(3) - Assessee has not complied to the statutory notice issued by the AO - Since the assessment in the instant case has ultimately been completed u/s 143(3) of the Act on the basis of various details filed by the assessee before the AO, therefore, considering the totality of the facts of the case it is not a fit case for levy of penalty u/s 271(1)(b) - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
