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) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and Asset and Imposition of Tax Act, 2015) - assessee paid the tax @ 30% along with equal amount by way of penalty. - Assessing Officer did not apply his mind. The ld. CIT(A) has unreasonably sustained the impugned penalty levied u/s. 271(1)(c) of the Act. - AT
Penalty levied u/s. 271(1)(c) - Suo-moto declaration of undisclosed assets located outside India under section 59 of the Black Money (Undisclosed Foreign Income and Asset and Imposition of Tax Act, 2015) - assessee paid the tax @ 30% along with equal amount by way of penalty. - Assessing Officer did not apply his mind. The ld. CIT(A) has unreasonably sustained the impugned penalty levied u/s. 271(1)(c) of the Act. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
