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 Enhancement - Penalty imposed u/s 112 of the Customs Act, 1962 - The Tribunal ruled that penalty cannot be enhanced in subsequent proceedings without proper notice. As the penalty was enhanced without proper notice and in contradiction to settled law, the Tribunal restricted the penalty to the original amount of ₹15,000.
Penalty Enhancement - Penalty imposed u/s 112 of the Customs Act, 1962 - The Tribunal ruled that penalty cannot be enhanced in subsequent proceedings without proper notice. As the penalty was enhanced without proper notice and in contradiction to settled law, the Tribunal restricted the penalty to the original amount of ₹15,000.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
