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...
Demand of interest u/s 50 - default in filing the Return - The High court acknowledged that while the liability to pay interest is automatic, the quantification cannot be unilateral. It must involve an arithmetic exercise where the taxpayer's objections are considered. Cited the “Mahadeo Construction” case to support the view that quantification of interest liability must involve a proper process, especially when disputed by the taxpayer.
Demand of interest u/s 50 - default in filing the Return - The High court acknowledged that while the liability to pay interest is automatic, the quantification cannot be unilateral. It must involve an arithmetic exercise where the taxpayer's objections are considered. Cited the “Mahadeo Construction” case to support the view that quantification of interest liability must involve a proper process, especially when disputed by the taxpayer.
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TaxTMI 
TaxTMI 
of 4915 
