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...
Rectification of mistake - if we are to quash the assessment order, as being urged by the learned counsel, these rectification powers will be preempted in the sense that once the assessment order itself is quashed, there will be nothing left to be rectified, as a consequence to rectification order passed by the DRP, even though the Assessing Officer has the time, permitted under the statute, to rectify the glaring mistake apparent on record in the impugned assessment order passed by him. - AT
Rectification of mistake - if we are to quash the assessment order, as being urged by the learned counsel, these rectification powers will be preempted in the sense that once the assessment order itself is quashed, there will be nothing left to be rectified, as a consequence to rectification order passed by the DRP, even though the Assessing Officer has the time, permitted under the statute, to rectify the glaring mistake apparent on record in the impugned assessment order passed by him. - AT
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TaxTMI 
TaxTMI 
of 4916 
