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 initiation of reassessment under s.147/s.148, finding nondisclosure of a transfer of immovable property and resultant capital gains in the return. Noting the assessee's ex parte conduct before the AO and CIT(A), the Tribunal confirmed reopening but, in the interest of natural justice, directed the AO to verify payment of Rs.5,00,000 by cheque in May 2010 to original owners; if established as consideration, the amount is to be allowed as deduction under s.48 against deemed sale consideration determined under s.50C. Observing repeated opportunities afforded to the assessee, the ITAT restored the matter to the AO for fresh adjudication on merits and allowed the appeal for statistical purposes.
ITAT upheld initiation of reassessment under s.147/s.148, finding nondisclosure of a transfer of immovable property and resultant capital gains in the return. Noting the assessee's ex parte conduct before the AO and CIT(A), the Tribunal confirmed reopening but, in the interest of natural justice, directed the AO to verify payment of Rs.5,00,000 by cheque in May 2010 to original owners; if established as consideration, the amount is to be allowed as deduction under s.48 against deemed sale consideration determined under s.50C. Observing repeated opportunities afforded to the assessee, the ITAT restored the matter to the AO for fresh adjudication on merits and allowed the appeal for statistical purposes.
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TaxTMI 
TaxTMI 
of 4915 
