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 partially allowed the assessee's appeal, restricting penalty u/s 271B to Rs 10,000/-. The Tribunal acknowledged electronic notice service to the assessee's email ID, which remained unrebutted. Applying established legal principles against double penalty for identical default, the Tribunal referenced precedent to delete the balance penalty. The decision emphasizes procedural fairness by limiting punitive measures to a proportionate quantum, ensuring compliance without excessive financial burden on the taxpayer.
ITAT partially allowed the assessee's appeal, restricting penalty u/s 271B to Rs 10,000/-. The Tribunal acknowledged electronic notice service to the assessee's email ID, which remained unrebutted. Applying established legal principles against double penalty for identical default, the Tribunal referenced precedent to delete the balance penalty. The decision emphasizes procedural fairness by limiting punitive measures to a proportionate quantum, ensuring compliance without excessive financial burden on the taxpayer.
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TaxTMI 
TaxTMI 
of 4916 
