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...
Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record specific finding that undisclosed income was found based on verifiable material during search. Mere surrender to cover potential discrepancy doesn't satisfy definition of undisclosed income. Onus is on Assessing Officer, not assessee, to establish conditions for penalty levy are met. CIT(A) rightly held no discrepancy pointed out, hence surrender doesn't qualify as undisclosed income, but erred in confirming penalty. Penalty u/s 271AAA deleted as no legal basis established.
Undisclosed income surrendered during search must fall within the definition of undisclosed income for penalty u/s 271AAA to be justified. Assessing Officer must record specific finding that undisclosed income was found based on verifiable material during search. Mere surrender to cover potential discrepancy doesn't satisfy definition of undisclosed income. Onus is on Assessing Officer, not assessee, to establish conditions for penalty levy are met. CIT(A) rightly held no discrepancy pointed out, hence surrender doesn't qualify as undisclosed income, but erred in confirming penalty. Penalty u/s 271AAA deleted as no legal basis established.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
