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...
The High Court allowed the petition, quashing and setting aside the impugned order rejecting the application for condonation of delay in filing Form 10B under the Income Tax Act, 1961. The delay of 361 days occurred in filing Form 10B electronically. The Central Board of Direct Taxes directed authorities to condone the delay in cases where the audit report was obtained before filing the return of income. The authority erroneously interpreted that Form 10B should have been filed by 31st March, 2018, instead of considering the requirement of obtaining Form 10B before filing the return of income as per Circular No.10. The High Court held that the authority's interpretation was ex facie faulty and contrary to the plain language of the Circular, necessitating the quashing of the impugned order.
The High Court allowed the petition, quashing and setting aside the impugned order rejecting the application for condonation of delay in filing Form 10B under the Income Tax Act, 1961. The delay of 361 days occurred in filing Form 10B electronically. The Central Board of Direct Taxes directed authorities to condone the delay in cases where the audit report was obtained before filing the return of income. The authority erroneously interpreted that Form 10B should have been filed by 31st March, 2018, instead of considering the requirement of obtaining Form 10B before filing the return of income as per Circular No.10. The High Court held that the authority's interpretation was ex facie faulty and contrary to the plain language of the Circular, necessitating the quashing of the impugned order.
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TaxTMI 
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