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 once a certificate (Form No. 5) is issued u/s 5 of the DTVSV Act and the declarant deposits the determined amount, the Designated Authority cannot initiate any proceedings regarding the 'tax arrear' as the dispute stands settled. Issuance of a fresh Form No. 3 modifying the earlier one to reopen a concluded settlement is without authority of law. The impugned certificate dated 29.01.2021 was set aside.
The HC held that once a certificate (Form No. 5) is issued u/s 5 of the DTVSV Act and the declarant deposits the determined amount, the Designated Authority cannot initiate any proceedings regarding the 'tax arrear' as the dispute stands settled. Issuance of a fresh Form No. 3 modifying the earlier one to reopen a concluded settlement is without authority of law. The impugned certificate dated 29.01.2021 was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
