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...
AO issued notice u/s 148A(b) alleging petitioner received accommodation entries from entities controlled by Sh. Joginder Pal Gupta. Petitioner denied receiving any amount and provided bank account details. HC held AO cannot reopen assessment without examining material to establish petitioner received entries in bank accounts. Mere allegation of accommodation entries without substantiating material is insufficient. AO must ascertain basic facts are sustainable before reopening assessment. Impugned notices u/s 148, 148A(b) and order u/s 148A(d) set aside by HC.
AO issued notice u/s 148A(b) alleging petitioner received accommodation entries from entities controlled by Sh. Joginder Pal Gupta. Petitioner denied receiving any amount and provided bank account details. HC held AO cannot reopen assessment without examining material to establish petitioner received entries in bank accounts. Mere allegation of accommodation entries without substantiating material is insufficient. AO must ascertain basic facts are sustainable before reopening assessment. Impugned notices u/s 148, 148A(b) and order u/s 148A(d) set aside by HC.
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TaxTMI 
TaxTMI 
of 4916 
