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 - Addition u/s 68 - unexplained deposits in bank account - assessee is a small time tea and pakoda seller and he could not have been expected to grasp intricacies of Income Tax Law - As reached the conclusion that the assessee’s case deserves that a sympathetic view may be taken - the assessment order was also passed exparte qua the assessee as the assessee had furnished the reply before the wrong AO. - AT
Reopening of assessment u/s 147 - Addition u/s 68 - unexplained deposits in bank account - assessee is a small time tea and pakoda seller and he could not have been expected to grasp intricacies of Income Tax Law - As reached the conclusion that the assessee’s case deserves that a sympathetic view may be taken - the assessment order was also passed exparte qua the assessee as the assessee had furnished the reply before the wrong AO. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
