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 held that the income estimation by AO did not warrant penalty under section 270A(1) as the books of accounts were not rejected. The estimation was saved by exception under section 270A(6), and no specific misreporting was established. Additionally, penalty under section 272A(1)(d) for non-compliance with notice was deleted, as the default was neither intentional nor deliberate, and the assessee subsequently participated in assessment proceedings. The tribunal directed complete deletion of penalties levied, finding them unsustainable in law.
ITAT held that the income estimation by AO did not warrant penalty under section 270A(1) as the books of accounts were not rejected. The estimation was saved by exception under section 270A(6), and no specific misreporting was established. Additionally, penalty under section 272A(1)(d) for non-compliance with notice was deleted, as the default was neither intentional nor deliberate, and the assessee subsequently participated in assessment proceedings. The tribunal directed complete deletion of penalties levied, finding them unsustainable in law.
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TaxTMI 
TaxTMI 
of 4915 
