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...
The ITAT considered the grant of registration u/s 12AB, where the assessee's application was rejected for non-compliance and failure to prove genuineness of activities. The company incorporated in 2021 filed for registration in 2022 with financial statements. The ITAT found the CIT(E)'s decision incorrect as the final accounts were filed. Donation and expenditure details were provided, supported by receipts and bills. The AO accepted the expenditure in a previous assessment. The ITAT concluded the assessee is engaged in charitable activities and deserves another opportunity to be heard by the CIT(E) for a fair decision. The appeal was allowed for statistical purposes.
The ITAT considered the grant of registration u/s 12AB, where the assessee's application was rejected for non-compliance and failure to prove genuineness of activities. The company incorporated in 2021 filed for registration in 2022 with financial statements. The ITAT found the CIT(E)'s decision incorrect as the final accounts were filed. Donation and expenditure details were provided, supported by receipts and bills. The AO accepted the expenditure in a previous assessment. The ITAT concluded the assessee is engaged in charitable activities and deserves another opportunity to be heard by the CIT(E) for a fair decision. The appeal was allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
