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...
Seeking directions to de-freeze the bank accounts - The court carefully examined the relevant provisions of the Income Tax Act and found that the freezing of bank accounts cannot extend beyond sixty days from the date of the order. Despite being given opportunities to justify their actions, the respondents failed to provide sufficient reasons for the continued freeze. Therefore, the court declared the letter freezing the accounts unenforceable beyond the sixty-day period and directed the immediate defreezing of the accounts.
Seeking directions to de-freeze the bank accounts - The court carefully examined the relevant provisions of the Income Tax Act and found that the freezing of bank accounts cannot extend beyond sixty days from the date of the order. Despite being given opportunities to justify their actions, the respondents failed to provide sufficient reasons for the continued freeze. Therefore, the court declared the letter freezing the accounts unenforceable beyond the sixty-day period and directed the immediate defreezing of the accounts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
