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 SC held that merely because the respondent was discharged in the predicate offence, the HC cannot quash the summons issued under PMLA. The question of arraying the respondent as an accused is to be decided later, and the respondent can raise relevant contentions, including that the PMLA proceedings cannot sustain if the predicate offence is quashed. The impugned HC order was set aside, allowing the appellant to proceed pursuant to the summons, with all issues left open for the respondent if arrayed as an accused.
The SC held that merely because the respondent was discharged in the predicate offence, the HC cannot quash the summons issued under PMLA. The question of arraying the respondent as an accused is to be decided later, and the respondent can raise relevant contentions, including that the PMLA proceedings cannot sustain if the predicate offence is quashed. The impugned HC order was set aside, allowing the appellant to proceed pursuant to the summons, with all issues left open for the respondent if arrayed as an accused.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
