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...
ITAT quashed notice under section 148 and subsequent proceedings initiated by ACIT Circle-1, Jaipur due to lack of territorial jurisdiction. The assessee's case fell under ITO Ward 70(3), Delhi's jurisdiction per section 124 of IT Act. The department had not exercised transfer powers under sections 120 or 127. The tribunal found that the assessee provided sufficient evidence establishing Delhi jurisdiction, making the Jaipur ACIT's notice legally invalid. The improper jurisdictional notice rendered all consequential assessment proceedings void. The assessee's appeal was allowed, invalidating both the reassessment notice and subsequent proceedings.
ITAT quashed notice under section 148 and subsequent proceedings initiated by ACIT Circle-1, Jaipur due to lack of territorial jurisdiction. The assessee's case fell under ITO Ward 70(3), Delhi's jurisdiction per section 124 of IT Act. The department had not exercised transfer powers under sections 120 or 127. The tribunal found that the assessee provided sufficient evidence establishing Delhi jurisdiction, making the Jaipur ACIT's notice legally invalid. The improper jurisdictional notice rendered all consequential assessment proceedings void. The assessee's appeal was allowed, invalidating both the reassessment notice and subsequent proceedings.
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TaxTMI 
TaxTMI 
of 4915 
