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...
Validity of order passed u/ss 154/147/143(3) - Disallowance of prior period expenses - Relevant previous year being first year of assessee's business, no prior period expenses existed - Quantum addition and charging of interest in reassessment order u/s 147/143 cannot be raised during appellate proceedings initiated due to revision/rectification order u/s 154/147/143(3) - Rectification order cannot challenge validity and quantum addition made in reassessment order - Appeal challenging quantum addition dismissed.
Validity of order passed u/ss 154/147/143(3) - Disallowance of prior period expenses - Relevant previous year being first year of assessee's business, no prior period expenses existed - Quantum addition and charging of interest in reassessment order u/s 147/143 cannot be raised during appellate proceedings initiated due to revision/rectification order u/s 154/147/143(3) - Rectification order cannot challenge validity and quantum addition made in reassessment order - Appeal challenging quantum addition dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
