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...
Rectification of mistake u/s 154 - tax paid on more than one occasion, and claims its refund u/s 154 - The High Court referred to Article 265 of the Constitution of India, which states that taxes cannot be levied or collected except by authority of law. They analyzed previous court judgments and concluded that both errors of fact and errors of law can constitute 'error apparent on the face of record'. The key criterion is that the error should be clear, obvious, and not require elaborate arguments to establish. Since this error was apparent from the records, the Court concluded that it fell within the scope of Section 154.
Rectification of mistake u/s 154 - tax paid on more than one occasion, and claims its refund u/s 154 - The High Court referred to Article 265 of the Constitution of India, which states that taxes cannot be levied or collected except by authority of law. They analyzed previous court judgments and concluded that both errors of fact and errors of law can constitute 'error apparent on the face of record'. The key criterion is that the error should be clear, obvious, and not require elaborate arguments to establish. Since this error was apparent from the records, the Court concluded that it fell within the scope of Section 154.
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TaxTMI 
TaxTMI 
of 4915 
