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 proceedings u/s. 271(1)(b) - non-compliance with the 3 notices u/s. 142(1) - Delay in late response as per date mentioned in notice - The Tribunal found merit in the assessee's explanations for the delays, considering factors such as difficulties in data retrieval, operational challenges, and lack of technical expertise. It observed that the delays were not intentional but were due to genuine constraints faced by the assessee. - The ITAT noted that while there were delays in responding to the notices, the assessee eventually provided all the required details and participated in the assessment proceedings. - The ITAT held that there was reasonable cause for the delays in compliance and that the penalties were unjustified.
Penalty proceedings u/s. 271(1)(b) - non-compliance with the 3 notices u/s. 142(1) - Delay in late response as per date mentioned in notice - The Tribunal found merit in the assessee's explanations for the delays, considering factors such as difficulties in data retrieval, operational challenges, and lack of technical expertise. It observed that the delays were not intentional but were due to genuine constraints faced by the assessee. - The ITAT noted that while there were delays in responding to the notices, the assessee eventually provided all the required details and participated in the assessment proceedings. - The ITAT held that there was reasonable cause for the delays in compliance and that the penalties were unjustified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
