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 ruled in favor of the assessee, quashing the penalty order under Section 271B for procedural irregularities. The tribunal found that the penalty notice was issued beyond prescribed time limitations per Section 275, and the Assessing Officer failed to substantiate specific accounting defects. The order lacked precise charges of default and was time-barred. Consequently, the tribunal directed the AO to delete the imposed penalty, emphasizing procedural fairness and strict adherence to statutory timelines in penalty proceedings.
ITAT ruled in favor of the assessee, quashing the penalty order under Section 271B for procedural irregularities. The tribunal found that the penalty notice was issued beyond prescribed time limitations per Section 275, and the Assessing Officer failed to substantiate specific accounting defects. The order lacked precise charges of default and was time-barred. Consequently, the tribunal directed the AO to delete the imposed penalty, emphasizing procedural fairness and strict adherence to statutory timelines in penalty proceedings.
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TaxTMI 
TaxTMI 
of 4916 
