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...
Delay in filing audit report u/s 119(2)(b) was condoned. Denial of deduction u/s 11(1) due to belated filing of Form 10B by 134 days was set aside. Court held that benefit of exemption should not be denied solely for delayed filing if assessee is otherwise eligible. Filing was delayed during second Covid-19 wave, and assessee trust constituted for student welfare would suffer genuine hardship. Power u/s 119(2)(b) requires liberal exercise. Impugned order quashed, and revenue directed to receive audit report for finalizing assessment.
Delay in filing audit report u/s 119(2)(b) was condoned. Denial of deduction u/s 11(1) due to belated filing of Form 10B by 134 days was set aside. Court held that benefit of exemption should not be denied solely for delayed filing if assessee is otherwise eligible. Filing was delayed during second Covid-19 wave, and assessee trust constituted for student welfare would suffer genuine hardship. Power u/s 119(2)(b) requires liberal exercise. Impugned order quashed, and revenue directed to receive audit report for finalizing assessment.
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TaxTMI 
TaxTMI 
of 4915 
