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 rejected the application for condonation of delay u/s 119 (2) (b) in filing income tax returns u/s 139 (1) or 139 (4) for AY 2022-23. The petitioner's senior accountant's illness and subsequent resignation caused delay in finalizing accounts. The Board alleged willful negligence, but lacked evidence. The Court found the delay due to unforeseen events, condoned it u/s 119 (2) (b), and allowed filing within 15 days. The order was set aside due to genuine hardship, emphasizing a justice-oriented approach.
The High Court rejected the application for condonation of delay u/s 119 (2) (b) in filing income tax returns u/s 139 (1) or 139 (4) for AY 2022-23. The petitioner's senior accountant's illness and subsequent resignation caused delay in finalizing accounts. The Board alleged willful negligence, but lacked evidence. The Court found the delay due to unforeseen events, condoned it u/s 119 (2) (b), and allowed filing within 15 days. The order was set aside due to genuine hardship, emphasizing a justice-oriented approach.
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