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 of ITR - All period of limitations has been over - ultimately justice has to be rendered as nobody's income has to be taxed twice. Only re-course available in this case is by filing the revised Income Tax Returns, which is available under Section 139 (5) of the Income Tax Act, 1961. However the petitioner has not chosen to file the same in time. He has to file the revised returns instead, he had filed the application for rectification before the second respondent, revision petition before the first respondent and two writ petitions before this Court. Because of the wrong guidance and ill advise, the petitioner should not be penalised. - Permission granted to file revised return - HC
Revision of ITR - All period of limitations has been over - ultimately justice has to be rendered as nobody's income has to be taxed twice. Only re-course available in this case is by filing the revised Income Tax Returns, which is available under Section 139 (5) of the Income Tax Act, 1961. However the petitioner has not chosen to file the same in time. He has to file the revised returns instead, he had filed the application for rectification before the second respondent, revision petition before the first respondent and two writ petitions before this Court. Because of the wrong guidance and ill advise, the petitioner should not be penalised. - Permission granted to file revised return - HC
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TaxTMI 
TaxTMI 
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