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 upheld SFIO investigation report into corporate misconduct, rejecting petitioners' challenge to quash findings. Court determined company affairs were conducted prejudicially to public interest, warranting prosecution under Companies Act and IPC. Petitioners' claims of arbitrary process and natural justice violations were dismissed as premature. Report's validity previously confirmed through judicial scrutiny, making current petition an abuse of process. Court noted petitioners retain right to contest findings during trial proceedings, but writ jurisdiction inappropriate for pre-emptive challenge. SFIO recommendations for prosecution maintained based on substantial evidence of financial irregularities. Petition dismissed with all grounds rejected.
HC upheld SFIO investigation report into corporate misconduct, rejecting petitioners' challenge to quash findings. Court determined company affairs were conducted prejudicially to public interest, warranting prosecution under Companies Act and IPC. Petitioners' claims of arbitrary process and natural justice violations were dismissed as premature. Report's validity previously confirmed through judicial scrutiny, making current petition an abuse of process. Court noted petitioners retain right to contest findings during trial proceedings, but writ jurisdiction inappropriate for pre-emptive challenge. SFIO recommendations for prosecution maintained based on substantial evidence of financial irregularities. Petition dismissed with all grounds rejected.
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