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...
Assessee allowed to opt for concessional tax rate u/s 115BAC(5)(i) for AY 2023-24 based on Form 10IE submitted late for previous AY, subject to fulfilling other legal requirements. ITAT held that once Form 10IE rejected for late submission in earlier AY, law does not debar assessee from submitting fresh form before due date of subsequent AY's ITR to avail new tax regime benefits. No revenue loss caused by permitting option exercise for next AY based on earlier rejected form.
Assessee allowed to opt for concessional tax rate u/s 115BAC(5)(i) for AY 2023-24 based on Form 10IE submitted late for previous AY, subject to fulfilling other legal requirements. ITAT held that once Form 10IE rejected for late submission in earlier AY, law does not debar assessee from submitting fresh form before due date of subsequent AY's ITR to avail new tax regime benefits. No revenue loss caused by permitting option exercise for next AY based on earlier rejected form.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
