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...
Belated payment of GST after due date of filing return u/s 139(1) - disallowance u/s 43B - assessee's failure to discharge statutory dues by actual payment within due date of filing prescribed u/s 139(1) - belated ITR filed u/s 139(4) - whether ITR filed u/s 139(4) can be treated as filed u/s 139(1) for section 43B purposes. Held that expenditure otherwise allowed as deduction in computing taxable income under Chapter IV-D is subject to actual payment within due date prescribed u/s 139(1) irrespective of accounting method employed. Disallowance by prima facie adjustment in summary assessment u/s 143(1)(a) supported by judicial precedent and CBDT circular. Matter remanded to NFAC to deal with limited issue of exact GST amount discharged by extended due date and balance paid beyond, in accordance with law and pass speaking order u/s 250(6). Appeal allowed for statistical purposes.
Belated payment of GST after due date of filing return u/s 139(1) - disallowance u/s 43B - assessee's failure to discharge statutory dues by actual payment within due date of filing prescribed u/s 139(1) - belated ITR filed u/s 139(4) - whether ITR filed u/s 139(4) can be treated as filed u/s 139(1) for section 43B purposes. Held that expenditure otherwise allowed as deduction in computing taxable income under Chapter IV-D is subject to actual payment within due date prescribed u/s 139(1) irrespective of accounting method employed. Disallowance by prima facie adjustment in summary assessment u/s 143(1)(a) supported by judicial precedent and CBDT circular. Matter remanded to NFAC to deal with limited issue of exact GST amount discharged by extended due date and balance paid beyond, in accordance with law and pass speaking order u/s 250(6). Appeal allowed for statistical purposes.
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TaxTMI 
TaxTMI 
of 4916 
