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 upheld penalty u/s.270A for underreporting of income based on suppressed sales discovered during survey. Despite partner's initial admission and subsequent retraction, incriminating documents substantiated undisclosed income. The tribunal found no procedural infirmity in penalty imposition, noting the assessee's repeated non-compliance and failure to effectively challenge the revenue's claims. The penalty was directed to be recalculated proportionate to the reduced income quantum, affirming the CIT(A)'s earlier order. The tribunal concluded that the suppressed sales constituted misreporting under section 270A, warranting statutory penalty.
ITAT upheld penalty u/s.270A for underreporting of income based on suppressed sales discovered during survey. Despite partner's initial admission and subsequent retraction, incriminating documents substantiated undisclosed income. The tribunal found no procedural infirmity in penalty imposition, noting the assessee's repeated non-compliance and failure to effectively challenge the revenue's claims. The penalty was directed to be recalculated proportionate to the reduced income quantum, affirming the CIT(A)'s earlier order. The tribunal concluded that the suppressed sales constituted misreporting under section 270A, warranting statutory penalty.
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TaxTMI 
TaxTMI 
of 4916 
