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...
Entitlement to interest on the delayed refund of pre-deposit - Rate of interest - seizure of cash - The court ruled in favor of the appellant, emphasizing that judicial precedents supported a 12% interest rate in the absence of specific statutory provisions at the relevant time. The court rejected the respondents' argument that the interest rate should be 6% based on later notifications, as these were not applicable to the period in question.
Entitlement to interest on the delayed refund of pre-deposit - Rate of interest - seizure of cash - The court ruled in favor of the appellant, emphasizing that judicial precedents supported a 12% interest rate in the absence of specific statutory provisions at the relevant time. The court rejected the respondents' argument that the interest rate should be 6% based on later notifications, as these were not applicable to the period in question.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
