Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Proceedings initiated u/s 148, assessee did not file return of income. Petitioner stated undisclosed interest income, annexed income computation statement, tax paid challan, sale deed, bank statements. Assessing officer noted sale deed, interest income contention but failed to consider challan, TDS. Assessee's failure to reply to show cause notice. Assessment order set aside on condition of paying Rs. 15,000 costs to Tamil Nadu State Legal Services Authority within two weeks. Petitioner permitted to reply to show cause notice, respondents directed to provide portal access.
Proceedings initiated u/s 148, assessee did not file return of income. Petitioner stated undisclosed interest income, annexed income computation statement, tax paid challan, sale deed, bank statements. Assessing officer noted sale deed, interest income contention but failed to consider challan, TDS. Assessee's failure to reply to show cause notice. Assessment order set aside on condition of paying Rs. 15,000 costs to Tamil Nadu State Legal Services Authority within two weeks. Petitioner permitted to reply to show cause notice, respondents directed to provide portal access.
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