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...
Section 50C's multiplicative rate applicability was challenged. The Income Tax Appellate Tribunal affirmed the Commissioner's order applying a factor of "1" to the property sold by the assessee. However, the Tribunal failed to provide reasoning, even rudimentary, for affirming the Commissioner's findings. Consequently, the High Court allowed the appeal, set aside the Tribunal's order, and remanded the matter for fresh adjudication by the Tribunal, leaving all questions open for consideration.
Section 50C's multiplicative rate applicability was challenged. The Income Tax Appellate Tribunal affirmed the Commissioner's order applying a factor of "1" to the property sold by the assessee. However, the Tribunal failed to provide reasoning, even rudimentary, for affirming the Commissioner's findings. Consequently, the High Court allowed the appeal, set aside the Tribunal's order, and remanded the matter for fresh adjudication by the Tribunal, leaving all questions open for consideration.
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TaxTMI 
TaxTMI 
of 4915 
