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...
Levy of penalty u/s 272A(1)(d) - Non compliance to the notice(s) issued during the course of assessment proceedings - The ITAT noted that the assessee did respond to notices during assessment proceedings, indicating compliance. - Notices issued on a public holiday with short response times (i.e. two hours) were deemed unreasonable by the Tribunal. - The Tribunal found no justifiable basis for the penalty under section 272A(1)(d) of the Act. - Consequently, the penalty was directed to be deleted, and the appeal of the assessee was allowed.
Levy of penalty u/s 272A(1)(d) - Non compliance to the notice(s) issued during the course of assessment proceedings - The ITAT noted that the assessee did respond to notices during assessment proceedings, indicating compliance. - Notices issued on a public holiday with short response times (i.e. two hours) were deemed unreasonable by the Tribunal. - The Tribunal found no justifiable basis for the penalty under section 272A(1)(d) of the Act. - Consequently, the penalty was directed to be deleted, and the appeal of the assessee was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
