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 dismissed the Revenue's appeal regarding rectification u/s 154, finding no prima facie mistake apparent from records. The tribunal concluded that the deduction u/s 80IA(12A) was comprehensively examined by CIT(A), and the provisions of section 154 could not be invoked to modify the assessee's claim. The AO was not justified in withdrawing the deduction claim under section 80IA(2A), and both legal grounds and case merits supported dismissal of the Revenue's appeal.
ITAT dismissed the Revenue's appeal regarding rectification u/s 154, finding no prima facie mistake apparent from records. The tribunal concluded that the deduction u/s 80IA(12A) was comprehensively examined by CIT(A), and the provisions of section 154 could not be invoked to modify the assessee's claim. The AO was not justified in withdrawing the deduction claim under section 80IA(2A), and both legal grounds and case merits supported dismissal of the Revenue's appeal.
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