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 270A - under reporting of the income - The Tribunal noted that the issue of depreciation on mining rights was debatable, supported by various judicial precedents favoring the allowance of depreciation. Considering the bona fide belief of the appellant, supported by legal precedents and the application for immunity under Section 270AA, the Tribunal upheld the CIT(A)'s decision to delete the penalty.
Penalty proceedings u/s 270A - under reporting of the income - The Tribunal noted that the issue of depreciation on mining rights was debatable, supported by various judicial precedents favoring the allowance of depreciation. Considering the bona fide belief of the appellant, supported by legal precedents and the application for immunity under Section 270AA, the Tribunal upheld the CIT(A)'s decision to delete the penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
