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 270A - AO has disallowed the assessee’s claim of deduction u/s 24 and Chapter-VIA deduction as false claims - The appellant contested the penalty on various grounds, including lack of specificity in the penalty notice and attributing the underreporting of income to the actions of their tax consultant. Upon examination, the Appellate Tribunal found that the penalty was incorrectly imposed under section 270A(9)(e) for failure to record receipts in the books of accounts, despite the disallowance of deductions being the primary issue. Therefore, the Tribunal directed the Assessing Officer to delete the penalty.
Penalty u/s 270A - AO has disallowed the assessee’s claim of deduction u/s 24 and Chapter-VIA deduction as false claims - The appellant contested the penalty on various grounds, including lack of specificity in the penalty notice and attributing the underreporting of income to the actions of their tax consultant. Upon examination, the Appellate Tribunal found that the penalty was incorrectly imposed under section 270A(9)(e) for failure to record receipts in the books of accounts, despite the disallowance of deductions being the primary issue. Therefore, the Tribunal directed the Assessing Officer to delete the penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
