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...
Re-Determination of refund and interest thereon - Subsequent to the direction of the High Court, revised assessment order was passed, refund and interest amount was re-determined - The High Court noted that despite initial directions from the court to refund the excess amount with interest, the petitioner failed to comply with notices, resulting in revised and rectified assessments. The court ultimately dismissed the writ petition. The petitioner was advised to pursue remedies available under the statute, and the court clarified its limited role in adjudicating such disputes.
Re-Determination of refund and interest thereon - Subsequent to the direction of the High Court, revised assessment order was passed, refund and interest amount was re-determined - The High Court noted that despite initial directions from the court to refund the excess amount with interest, the petitioner failed to comply with notices, resulting in revised and rectified assessments. The court ultimately dismissed the writ petition. The petitioner was advised to pursue remedies available under the statute, and the court clarified its limited role in adjudicating such disputes.
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TaxTMI 
TaxTMI 
of 4915 
