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...
HC held that respondents must release seized jewellery immediately, as retention lacks legal authority. The seizure was deemed unauthorized since no outstanding tax liability existed for the relevant assessment year. The court found respondents' contention to retain jewellery for recovering tax dues from subsequent years untenable, particularly given statutory amendments to Section 132B effective 01.04.2022. Consequently, the HC directed unconditional release of the jewellery to the petitioner, emphasizing the respondents acted without jurisdiction in prolonged retention beyond the specified assessment period.
HC held that respondents must release seized jewellery immediately, as retention lacks legal authority. The seizure was deemed unauthorized since no outstanding tax liability existed for the relevant assessment year. The court found respondents' contention to retain jewellery for recovering tax dues from subsequent years untenable, particularly given statutory amendments to Section 132B effective 01.04.2022. Consequently, the HC directed unconditional release of the jewellery to the petitioner, emphasizing the respondents acted without jurisdiction in prolonged retention beyond the specified assessment period.
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TaxTMI 
TaxTMI 
of 4915 
