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 assessment passed w/o intimating u/s 143(1) - Denial of exemption u/s 11 and Claim of Expenses by the CPC - The Appellate Tribunal noted that the return of income and Form 10B were filed within the extended period due to the COVID-19 pandemic, as per the order of the Supreme Court. Relying on the Supreme Court's decision, the Tribunal held that there was no delay in filing the returns, and thus, the disallowance of expenses by the CPC was incorrect. The Tribunal directed the Assessing Officer to allow the exemption claimed under Section 11 of the Act.
Validity of assessment passed w/o intimating u/s 143(1) - Denial of exemption u/s 11 and Claim of Expenses by the CPC - The Appellate Tribunal noted that the return of income and Form 10B were filed within the extended period due to the COVID-19 pandemic, as per the order of the Supreme Court. Relying on the Supreme Court's decision, the Tribunal held that there was no delay in filing the returns, and thus, the disallowance of expenses by the CPC was incorrect. The Tribunal directed the Assessing Officer to allow the exemption claimed under Section 11 of the Act.
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