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...
The HC set aside both the assessment order and rectification order, remanding the matter to the assessing authority for fresh consideration. The Court found that the respondent violated principles of natural justice by issuing the impugned assessment order without providing sufficient opportunities to the petitioner. Despite the petitioner's requests for adjournment to file detailed replies with supporting documents and for personal hearing following show cause notices, the respondent proceeded with the assessment. The Court held that when confirming a demand, authorities must provide adequate opportunity of hearing, which was denied in this case, necessitating remand for consideration on merits.
The HC set aside both the assessment order and rectification order, remanding the matter to the assessing authority for fresh consideration. The Court found that the respondent violated principles of natural justice by issuing the impugned assessment order without providing sufficient opportunities to the petitioner. Despite the petitioner's requests for adjournment to file detailed replies with supporting documents and for personal hearing following show cause notices, the respondent proceeded with the assessment. The Court held that when confirming a demand, authorities must provide adequate opportunity of hearing, which was denied in this case, necessitating remand for consideration on merits.
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TaxTMI 
TaxTMI 
of 4916 
