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 allowed the assessee's appeal against CIT's revision u/s 263. The tribunal found no jurisdictional defect as the assessee consistently responded to notices from ITO Panchkula without raising objections. The AO conducted limited scrutiny, sought explanations on unsecured loans and credit card payments, and was satisfied with the assessee's evidence. CIT's general observations lacked specific errors, and the assumption of complete scrutiny was incorrect. The tribunal held that CIT erroneously invoked section 263, thereby quashing the revisional order and upholding the original assessment.
ITAT allowed the assessee's appeal against CIT's revision u/s 263. The tribunal found no jurisdictional defect as the assessee consistently responded to notices from ITO Panchkula without raising objections. The AO conducted limited scrutiny, sought explanations on unsecured loans and credit card payments, and was satisfied with the assessee's evidence. CIT's general observations lacked specific errors, and the assumption of complete scrutiny was incorrect. The tribunal held that CIT erroneously invoked section 263, thereby quashing the revisional order and upholding the original assessment.
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TaxTMI 
TaxTMI 
of 4918 
