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...
Two assessment orders were issued against a husband and wife, adding their entire claimed agricultural income to their taxable income due to failure to substantiate it. The petitioners provided additional documents like purchase bills, bank statements to support the agricultural income claim. The court quashed the assessment and penalty orders u/ss 270A and 271AAC(1), allowing the petitioners to produce documents before the assessing officer for fresh assessment. However, as the petitioners failed to respond to notices u/s 142(1), they were directed to pay a penalty of Rs. 40,000 each within two weeks as a precondition for fresh assessment.
Two assessment orders were issued against a husband and wife, adding their entire claimed agricultural income to their taxable income due to failure to substantiate it. The petitioners provided additional documents like purchase bills, bank statements to support the agricultural income claim. The court quashed the assessment and penalty orders u/ss 270A and 271AAC(1), allowing the petitioners to produce documents before the assessing officer for fresh assessment. However, as the petitioners failed to respond to notices u/s 142(1), they were directed to pay a penalty of Rs. 40,000 each within two weeks as a precondition for fresh assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
