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 reopening order passed without dealing with assessee's submission - The Income Tax Appellate Tribunal (ITAT) had previously ruled in favor of the petitioner in a similar case for the assessment year 2011-2012. The High Court affirmed the ITAT's decision, stating that since the members had already paid taxes on the compensation received, there should not be double taxation. The court also emphasized that the petitioner had entered into the development agreement on behalf of its members, and the compensations were meant for them. - s the order failed to consider the petitioner's explanations regarding the nature of the income and its taxability, the court concluded that it could not be sustained.
Validity of reopening order passed without dealing with assessee's submission - The Income Tax Appellate Tribunal (ITAT) had previously ruled in favor of the petitioner in a similar case for the assessment year 2011-2012. The High Court affirmed the ITAT's decision, stating that since the members had already paid taxes on the compensation received, there should not be double taxation. The court also emphasized that the petitioner had entered into the development agreement on behalf of its members, and the compensations were meant for them. - s the order failed to consider the petitioner's explanations regarding the nature of the income and its taxability, the court concluded that it could not be sustained.
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TaxTMI 
TaxTMI 
of 4916 
