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 quashed the penalty order u/s 271(1)(c) passed by the National Faceless Assessment Centre against the petitioner without providing an opportunity of hearing. The matter was remanded back to pass a fresh penalty order after granting an opportunity of hearing to the petitioner in accordance with law, as the Tribunal had already granted substantial relief to the petitioner on merits in the appeals filed by both parties.
The High Court quashed the penalty order u/s 271(1)(c) passed by the National Faceless Assessment Centre against the petitioner without providing an opportunity of hearing. The matter was remanded back to pass a fresh penalty order after granting an opportunity of hearing to the petitioner in accordance with law, as the Tribunal had already granted substantial relief to the petitioner on merits in the appeals filed by both parties.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
