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...
Penalty u/s 271(1)(c) - sale of land was not disclosed in the original return of income - additions during scrutiny assessment - the addition was made by invoking the “deeming provisions” under Section 56(2)(vii)(b) - nothing has been brought on record to demonstrate that the assessee had concealed the particulars of income or had deliberately furnished inaccurate particulars of income. - No penalty - AT
Penalty u/s 271(1)(c) - sale of land was not disclosed in the original return of income - additions during scrutiny assessment - the addition was made by invoking the “deeming provisions” under Section 56(2)(vii)(b) - nothing has been brought on record to demonstrate that the assessee had concealed the particulars of income or had deliberately furnished inaccurate particulars of income. - No penalty - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
