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...
Validity of Reopening of assessment - The mere submission of books of accounts and the certificate issued by the Statutory Auditor would not amount to the fact that the petitioner has disclosed fully and truly all material facts - The reasons recorded by the Principal Commissioner of Income Tax to accord sanction for the issue of notice u/s 148 cannot be said that the sanction was granted mechanically and without application of the mind. - HC
Validity of Reopening of assessment - The mere submission of books of accounts and the certificate issued by the Statutory Auditor would not amount to the fact that the petitioner has disclosed fully and truly all material facts - The reasons recorded by the Principal Commissioner of Income Tax to accord sanction for the issue of notice u/s 148 cannot be said that the sanction was granted mechanically and without application of the mind. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
