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 High Court considered the reopening of assessment u/s 147 due to accommodation entries from M/s Metal Impex, a shell entity for high-value transactions. Respondents relied on bank statements linking petitioner to Metal Impex for accommodation entries, leading to suspicion of escaped income. Petitioner requested Suspicious Transaction Report but did not deny transactions or provide relevant material. Court found no grounds for interference u/s Article 226 and dismissed the writ petition.
The High Court considered the reopening of assessment u/s 147 due to accommodation entries from M/s Metal Impex, a shell entity for high-value transactions. Respondents relied on bank statements linking petitioner to Metal Impex for accommodation entries, leading to suspicion of escaped income. Petitioner requested Suspicious Transaction Report but did not deny transactions or provide relevant material. Court found no grounds for interference u/s Article 226 and dismissed the writ petition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
