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...
Initiation of re-assessment proceedings/revision - Jurisdiction - The only error that appears to have crept in the order of the appeal authority as has been confirmed by the Tribunal is not to have made specific observation to compel the assessing authority to deal with the objection as to jurisdiction - Once the matter is engaging the attention of the original authority, it is advisable that the assessee may raise a preliminary issue of lack of jurisdiction as well. Only if the authority is satisfied as to existence of its jurisdiction, it may proceed to give effect to the directions issued by the first appeal authority as confirmed by the Tribunal. - HC
Initiation of re-assessment proceedings/revision - Jurisdiction - The only error that appears to have crept in the order of the appeal authority as has been confirmed by the Tribunal is not to have made specific observation to compel the assessing authority to deal with the objection as to jurisdiction - Once the matter is engaging the attention of the original authority, it is advisable that the assessee may raise a preliminary issue of lack of jurisdiction as well. Only if the authority is satisfied as to existence of its jurisdiction, it may proceed to give effect to the directions issued by the first appeal authority as confirmed by the Tribunal. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
