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 petitioner is entitled to carry forward the reduced Minimum Alternate Tax (MAT) Credit for payment of taxes under the Direct Tax Vivad se Vishwas (DTVSV) Scheme. The respondent, while calculating the amount payable in Form 3 regarding tax arrears and amount payable under DTVSV, failed to consider the Assessing Officer's order permitting the petitioner to carry forward the MAT Credit. The High Court quashed Form 3 and the rectification order, remanding the matter to the respondent to recalculate the entitlement of refund in accordance with the Scheme and Rules, applying Rule 10, and considering the Assessing Officer's order u/s 154 giving effect to the CIT(A) order regarding the MAT Credit carry forward.
The petitioner is entitled to carry forward the reduced Minimum Alternate Tax (MAT) Credit for payment of taxes under the Direct Tax Vivad se Vishwas (DTVSV) Scheme. The respondent, while calculating the amount payable in Form 3 regarding tax arrears and amount payable under DTVSV, failed to consider the Assessing Officer's order permitting the petitioner to carry forward the MAT Credit. The High Court quashed Form 3 and the rectification order, remanding the matter to the respondent to recalculate the entitlement of refund in accordance with the Scheme and Rules, applying Rule 10, and considering the Assessing Officer's order u/s 154 giving effect to the CIT(A) order regarding the MAT Credit carry forward.
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TaxTMI 
TaxTMI 
of 4915 
