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 jurisdictional challenge regarding faceless assessment proceedings. The tribunal found the National Faceless Assessment Centre (NFeAC) lacked legal authority to issue notices under Section 142(1) prior to 29.03.2022. The e-assessment of income escaping assessment scheme, 2022 was notified on 29.03.2022, rendering prior proceedings invalid. Relying on precedent from a similar case, the tribunal determined that the NFeAC had no jurisdiction to conduct assessment or issue notices before the official notification date. Consequently, the tribunal allowed the assessee's appeal, effectively invalidating the assessment proceedings initiated before the statutory notification date.
ITAT adjudicated a jurisdictional challenge regarding faceless assessment proceedings. The tribunal found the National Faceless Assessment Centre (NFeAC) lacked legal authority to issue notices under Section 142(1) prior to 29.03.2022. The e-assessment of income escaping assessment scheme, 2022 was notified on 29.03.2022, rendering prior proceedings invalid. Relying on precedent from a similar case, the tribunal determined that the NFeAC had no jurisdiction to conduct assessment or issue notices before the official notification date. Consequently, the tribunal allowed the assessee's appeal, effectively invalidating the assessment proceedings initiated before the statutory notification date.
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TaxTMI 
TaxTMI 
of 4916 
