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...
Revision u/s 263 - Income from other sources - AO failed to examine the applicability of s. 56(2)(vii)(b) - Fair Market Value (FMV) (guideline value under Stamp Act) of the property - . It is open for the revisionary authority to examine the same himself proceedings or direct the assessing authority to do so. However, once he adopts the latter course, it is not for us to interfere with the exercise of his discretionary power. - AT
Revision u/s 263 - Income from other sources - AO failed to examine the applicability of s. 56(2)(vii)(b) - Fair Market Value (FMV) (guideline value under Stamp Act) of the property - . It is open for the revisionary authority to examine the same himself proceedings or direct the assessing authority to do so. However, once he adopts the latter course, it is not for us to interfere with the exercise of his discretionary power. - AT
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TaxTMI 
TaxTMI 
of 4915 
