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 ITAT held that the disallowance of the deduction claimed under section 80P during assessment year 2018-19 was improper. The power conferred on the Assessing Officer by the Finance Act, 2021 to disallow deductions under Chapter VIA while processing returns under section 143(1) is applicable only from assessment year 2021-22 onwards. Consequently, the CPC lacked jurisdiction to disallow the deduction under section 80P for the relevant earlier year during return processing. The tribunal therefore allowed the assessee's appeal, restoring the deduction claimed under section 80P for AY 2018-19.
The ITAT held that the disallowance of the deduction claimed under section 80P during assessment year 2018-19 was improper. The power conferred on the Assessing Officer by the Finance Act, 2021 to disallow deductions under Chapter VIA while processing returns under section 143(1) is applicable only from assessment year 2021-22 onwards. Consequently, the CPC lacked jurisdiction to disallow the deduction under section 80P for the relevant earlier year during return processing. The tribunal therefore allowed the assessee's appeal, restoring the deduction claimed under section 80P for AY 2018-19.
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