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...
SC held that the Limitation Act applies to proceedings u/s 34 of the ACA, with specific exclusions. Section 4 applies only to the 3-month period, and Section 10 of the GCA does not apply. While the ACA prescribes different limitation periods, it does not exclude the Limitation Act's provisions unless the nature and language necessarily exclude them. The mere prescription of a different period is insufficient to displace the Limitation Act's applicability. The SC dismissed the appeal.
SC held that the Limitation Act applies to proceedings u/s 34 of the ACA, with specific exclusions. Section 4 applies only to the 3-month period, and Section 10 of the GCA does not apply. While the ACA prescribes different limitation periods, it does not exclude the Limitation Act's provisions unless the nature and language necessarily exclude them. The mere prescription of a different period is insufficient to displace the Limitation Act's applicability. The SC dismissed the appeal.
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TaxTMI 
TaxTMI 
of 4915 
