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...
HC determined that the Direct Tax Vivad Se Vishwas Scheme's benefits extend beyond cases with existing appeals, writs, or special leave petitions. The court interpreted Section 89(1)(a) broadly to include assessees who are aggrieved by Income-Tax Authority orders and still within the timeframe to file appeals, even if they haven't formally initiated proceedings. This interpretation expands the scheme's scope beyond current litigants to potential appellants, provided they fall within the statutory appeal filing period. The ruling effectively broadens access to the tax dispute resolution mechanism, allowing more taxpayers to utilize the settlement provisions under the Finance (No.2) Act, 2024.
HC determined that the Direct Tax Vivad Se Vishwas Scheme's benefits extend beyond cases with existing appeals, writs, or special leave petitions. The court interpreted Section 89(1)(a) broadly to include assessees who are aggrieved by Income-Tax Authority orders and still within the timeframe to file appeals, even if they haven't formally initiated proceedings. This interpretation expands the scheme's scope beyond current litigants to potential appellants, provided they fall within the statutory appeal filing period. The ruling effectively broadens access to the tax dispute resolution mechanism, allowing more taxpayers to utilize the settlement provisions under the Finance (No.2) Act, 2024.
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