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 ITAT held that the penalty u/s 271AAB could not be levied due to a defective notice. The AO failed to specify the specific limb for initiating penalty proceedings, denying the assessee a reasonable opportunity for an effective reply. As the notice was vague without indicating relevant portions, the Tribunal rightly observed that the penalty could not be levied based on such a defective notice, especially when the assessee had consistently raised the jurisdictional issue. The decision was in favor of the assessee.
The ITAT held that the penalty u/s 271AAB could not be levied due to a defective notice. The AO failed to specify the specific limb for initiating penalty proceedings, denying the assessee a reasonable opportunity for an effective reply. As the notice was vague without indicating relevant portions, the Tribunal rightly observed that the penalty could not be levied based on such a defective notice, especially when the assessee had consistently raised the jurisdictional issue. The decision was in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
