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 adjudicated a dispute involving inter-company transactions and potential tax violations. The tribunal examined transactions between an assessee company and its sister concern, noting a common partner's involvement. Despite initial penalty proceedings under Sections 271E and 271D related to Sections 269SS and 269T, the tribunal determined that the cash withdrawal from partners' capital accounts did not constitute a statutory violation. Consequently, the tribunal dismissed the revenue's appeal, finding no substantive breach of the prescribed financial regulations and upholding the assessee's position regarding the nature of the current account transactions.
ITAT adjudicated a dispute involving inter-company transactions and potential tax violations. The tribunal examined transactions between an assessee company and its sister concern, noting a common partner's involvement. Despite initial penalty proceedings under Sections 271E and 271D related to Sections 269SS and 269T, the tribunal determined that the cash withdrawal from partners' capital accounts did not constitute a statutory violation. Consequently, the tribunal dismissed the revenue's appeal, finding no substantive breach of the prescribed financial regulations and upholding the assessee's position regarding the nature of the current account transactions.
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TaxTMI 
TaxTMI 
of 4915 
