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 proceedings u/s 153C - The High Court held that loose sheets and diaries, without corroborative evidence, do not constitute "books of account" and hence cannot be solely relied upon for tax assessment purposes. Additionally, the process of centralizing cases without providing a reasonable opportunity for the assessee to object was found to be in violation of Section 127. The notice under Section 153C was deemed invalid because it did not meet the prerequisites for invoking this section.
Validity of proceedings u/s 153C - The High Court held that loose sheets and diaries, without corroborative evidence, do not constitute "books of account" and hence cannot be solely relied upon for tax assessment purposes. Additionally, the process of centralizing cases without providing a reasonable opportunity for the assessee to object was found to be in violation of Section 127. The notice under Section 153C was deemed invalid because it did not meet the prerequisites for invoking this section.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
