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 dismissed the petition, holding that the petitioners should avail the alternate remedy of appeal instead. It was not a case of complete lack of opportunity or notice, but rather an alleged lack of adequate opportunity. Mere allegation of non-furnishing of some documents is insufficient; the impact and relevance of such documents need to be examined. The Appellate Tribunal u/s 129B of the Customs Act has substantial powers to pass appropriate orders after considering additional evidence, if necessary. Therefore, the available appeal remedy is efficacious, and no case is made out for entertaining the petitions instead of relegating the petitioners to the appeal process. The petitioners are free to appeal the impugned order dated June 28, 2024.
The High Court dismissed the petition, holding that the petitioners should avail the alternate remedy of appeal instead. It was not a case of complete lack of opportunity or notice, but rather an alleged lack of adequate opportunity. Mere allegation of non-furnishing of some documents is insufficient; the impact and relevance of such documents need to be examined. The Appellate Tribunal u/s 129B of the Customs Act has substantial powers to pass appropriate orders after considering additional evidence, if necessary. Therefore, the available appeal remedy is efficacious, and no case is made out for entertaining the petitions instead of relegating the petitioners to the appeal process. The petitioners are free to appeal the impugned order dated June 28, 2024.
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TaxTMI 
TaxTMI 
of 4915 
