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...
The HC held that the petitioner's payment of the third installment under the Income Declaration Scheme, 2016, was effectively made on or before the due date despite the delayed credit in the treasury's account. The petitioner deposited the amount with a cooperative bank by the deadline, and the subsequent delay in transfer to the respondent's account was attributable to interbank processing, not petitioner's fault. Consequently, the petitioner was entitled to the benefits of the Scheme, and the rejection of the application and non-issuance of Form 4 were set aside. The petitions were allowed.
The HC held that the petitioner's payment of the third installment under the Income Declaration Scheme, 2016, was effectively made on or before the due date despite the delayed credit in the treasury's account. The petitioner deposited the amount with a cooperative bank by the deadline, and the subsequent delay in transfer to the respondent's account was attributable to interbank processing, not petitioner's fault. Consequently, the petitioner was entitled to the benefits of the Scheme, and the rejection of the application and non-issuance of Form 4 were set aside. The petitions were allowed.
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TaxTMI 
TaxTMI 
of 4916 
