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...
Rejection of application for registration u/s 12AA(1)(ac)(iii) r.w.s 80G(5) - The Appellate Tribunal observed that the appellant was granted provisional registration under section 12AB of the Act, valid until a specific assessment year. It was determined that the application for final registration could be made at least six months prior to the expiry of provisional registration or within six months of activity commencement, whichever is earlier. The Tribunal held that there was no bar on the appellant applying before the six-month period from the expiry of provisional registration. The Tribunal set aside the rejection and directed reconsideration of the application for final registration.
Rejection of application for registration u/s 12AA(1)(ac)(iii) r.w.s 80G(5) - The Appellate Tribunal observed that the appellant was granted provisional registration under section 12AB of the Act, valid until a specific assessment year. It was determined that the application for final registration could be made at least six months prior to the expiry of provisional registration or within six months of activity commencement, whichever is earlier. The Tribunal held that there was no bar on the appellant applying before the six-month period from the expiry of provisional registration. The Tribunal set aside the rejection and directed reconsideration of the application for final registration.
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