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 addressed disallowance of exemption under s54B where appellant failed to submit required documentation to CIT(A)/NFAC despite multiple notices. While notices were sent to appellant's CA's email, who failed to inform appellant, resulting in appeal dismissal for non-prosecution. ITAT, considering overall circumstances and interests of justice, remanded matter back to CIT(A)/NFAC with directions to grant appellant final opportunity to substantiate claim with requisite details. CIT(A)/NFAC directed to adjudicate based on facts and law after appellant's submission. Appeal allowed for statistical purposes, contingent on appellant's compliance with submission requirements on appointed date.
ITAT addressed disallowance of exemption under s54B where appellant failed to submit required documentation to CIT(A)/NFAC despite multiple notices. While notices were sent to appellant's CA's email, who failed to inform appellant, resulting in appeal dismissal for non-prosecution. ITAT, considering overall circumstances and interests of justice, remanded matter back to CIT(A)/NFAC with directions to grant appellant final opportunity to substantiate claim with requisite details. CIT(A)/NFAC directed to adjudicate based on facts and law after appellant's submission. Appeal allowed for statistical purposes, contingent on appellant's compliance with submission requirements on appointed date.
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TaxTMI 
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