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 HC held that u/ss 397, 401, and 320 of CrPC read with Section 147 of the Negotiable Instruments Act, 1881, it can accept the consent terms filed by parties to compound the offence u/s 138 of the Act as a sequitur, even after conviction. The HC has discretion to exercise its revisional power along with Section 401 CrPC and inherent powers u/s 482 CrPC to take the compromise on record in compoundable matters u/s 147 of the Act. Parties' applications seeking compounding of the offence after conviction can be allowed, and the conviction set aside by accepting the consent terms.
The HC held that u/ss 397, 401, and 320 of CrPC read with Section 147 of the Negotiable Instruments Act, 1881, it can accept the consent terms filed by parties to compound the offence u/s 138 of the Act as a sequitur, even after conviction. The HC has discretion to exercise its revisional power along with Section 401 CrPC and inherent powers u/s 482 CrPC to take the compromise on record in compoundable matters u/s 147 of the Act. Parties' applications seeking compounding of the offence after conviction can be allowed, and the conviction set aside by accepting the consent terms.
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TaxTMI 
TaxTMI 
of 4915 
