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...
Petitioners accused of offences u/ss 276C(1) r.w.s. 277 of the Income Tax Act, 1961 for evading capital gains tax by showing only part sale consideration in sale deed while remaining amount paid in cash. HC declined to exercise inherent powers u/s 482 CrPC to quash complaint, holding allegations disclose cognizable offences. Power to quash FIR/complaint an exception, not ordinary rule, to be exercised in rarest of rare cases when allegations do not constitute cognizable offence.
Petitioners accused of offences u/ss 276C(1) r.w.s. 277 of the Income Tax Act, 1961 for evading capital gains tax by showing only part sale consideration in sale deed while remaining amount paid in cash. HC declined to exercise inherent powers u/s 482 CrPC to quash complaint, holding allegations disclose cognizable offences. Power to quash FIR/complaint an exception, not ordinary rule, to be exercised in rarest of rare cases when allegations do not constitute cognizable offence.
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TaxTMI 
TaxTMI 
of 4916 
