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 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on extinguishment of share value not considered in original return. Respondent obligated to consider merits of revision petition within limitation period. High Court followed precedents quashing orders u/s 264 and remanding matters for reconsideration of unclaimed losses. Impugned order quashed, matter remanded to Principal Commissioner to decide revision petition on merits after hearing petitioner.
Section 264 revision application concerning long-term capital gain (LTCG) on extinguishment of shares due to loss arising from NCLT order. Petitioner's claim for loss on extinguishment of share value not considered in original return. Respondent obligated to consider merits of revision petition within limitation period. High Court followed precedents quashing orders u/s 264 and remanding matters for reconsideration of unclaimed losses. Impugned order quashed, matter remanded to Principal Commissioner to decide revision petition on merits after hearing petitioner.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
