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 remanded the matter to Assessing Officer (AO) for comprehensive re-examination of income tax assessment under Section 56(2)(ix). The tribunal directed AO to conduct a detailed verification of submitted documents, provide fair hearing to the assessee, and assess correct taxable income after carefully examining evidence. The appellate proceedings were disposed of statistically, mandating the assessee to cooperate during reassessment and avoid frivolous adjournments. The key directive emphasizes procedural fairness and substantive evaluation of factual claims before final income determination.
ITAT remanded the matter to Assessing Officer (AO) for comprehensive re-examination of income tax assessment under Section 56(2)(ix). The tribunal directed AO to conduct a detailed verification of submitted documents, provide fair hearing to the assessee, and assess correct taxable income after carefully examining evidence. The appellate proceedings were disposed of statistically, mandating the assessee to cooperate during reassessment and avoid frivolous adjournments. The key directive emphasizes procedural fairness and substantive evaluation of factual claims before final income determination.
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TaxTMI 
TaxTMI 
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