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 271(1)(c) - Denial of exemption of capital gains u/s 10(38) on account of sale of shares - The Tribunal also emphasized that the Revenue had failed to provide an opportunity for cross-examination to the assessee, which was a violation of the principles of natural justice. It noted judgments that stressed the importance of allowing the assessee to rebut any adverse evidence. The Tribunal concluded that in the absence of the quantum addition, the penalty under Section 271(1)(c) could not stand.
Levy of penalty u/s 271(1)(c) - Denial of exemption of capital gains u/s 10(38) on account of sale of shares - The Tribunal also emphasized that the Revenue had failed to provide an opportunity for cross-examination to the assessee, which was a violation of the principles of natural justice. It noted judgments that stressed the importance of allowing the assessee to rebut any adverse evidence. The Tribunal concluded that in the absence of the quantum addition, the penalty under Section 271(1)(c) could not stand.
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TaxTMI 
TaxTMI 
of 4915 
