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...
Tribunal dismissed assessee's appeal ex-parte regarding addition u/s 68 for bogus LTCG and addition to share capital on ground of failure to discharge onus. HC held assessee not negligent towards statutory rights of appeal, but Chartered Accountant engaged failed to perform professional duty diligently. No fault or negligence attributable to assessee saddled with tax liability. On humanitarian ground, appeal remanded back to Tribunal for fresh decision on merits after giving reasonable opportunity of hearing to assessee.
Tribunal dismissed assessee's appeal ex-parte regarding addition u/s 68 for bogus LTCG and addition to share capital on ground of failure to discharge onus. HC held assessee not negligent towards statutory rights of appeal, but Chartered Accountant engaged failed to perform professional duty diligently. No fault or negligence attributable to assessee saddled with tax liability. On humanitarian ground, appeal remanded back to Tribunal for fresh decision on merits after giving reasonable opportunity of hearing to assessee.
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TaxTMI 
TaxTMI 
of 4916 
