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 as per the proviso to Section 281, if the transfer is made for adequate consideration and without notice of the tax dues or pending proceedings by the Income Tax Department, the transfer cannot be deemed void. The petitioners had purchased the property through a court auction for adequate consideration, without knowledge of the tax proceedings against the previous owner. The attachment by the Income Tax Department was on a larger extent, while the petitioners purchased only a portion. Relying on precedent, the HC ruled that the petitioners' claim should be allowed, and the Income Tax Department cannot proceed against the bona fide purchasers.
The HC held that as per the proviso to Section 281, if the transfer is made for adequate consideration and without notice of the tax dues or pending proceedings by the Income Tax Department, the transfer cannot be deemed void. The petitioners had purchased the property through a court auction for adequate consideration, without knowledge of the tax proceedings against the previous owner. The attachment by the Income Tax Department was on a larger extent, while the petitioners purchased only a portion. Relying on precedent, the HC ruled that the petitioners' claim should be allowed, and the Income Tax Department cannot proceed against the bona fide purchasers.
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