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...
No penalty u/s 271(1)(c) was imposed on the assessee for disallowance of depreciation. The ITAT held that the assessee did not deliberately claim depreciation with an intention to make an inaccurate claim, as evidenced by the voluntary withdrawal of the ground before the CIT(A) and non-claiming of depreciation in subsequent years. The ITAT relied on the Supreme Court's decision in CIT vs. Pricewaterhouse Coopers Pvt. Ltd., which held that no penalty u/s 271(1)(c) would be imposed for a bona fide, inadvertent, or human error. The ITAT ruled in favor of the assessee.
No penalty u/s 271(1)(c) was imposed on the assessee for disallowance of depreciation. The ITAT held that the assessee did not deliberately claim depreciation with an intention to make an inaccurate claim, as evidenced by the voluntary withdrawal of the ground before the CIT(A) and non-claiming of depreciation in subsequent years. The ITAT relied on the Supreme Court's decision in CIT vs. Pricewaterhouse Coopers Pvt. Ltd., which held that no penalty u/s 271(1)(c) would be imposed for a bona fide, inadvertent, or human error. The ITAT ruled in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
