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 upholds validity of the assessment proceedings: the notice under s.143(2) and accompanying questionnaire were issued after application of mind and are not mechanical; therefore grounds challenging re-assessment notice and service are dismissed. Procedural fairness is affirmed - multiple opportunities to be heard were afforded and no infirmity found. The contention regarding non-acknowledgement of ITR-V was rejected under the principle in s.292B for participating in proceedings without contemporaneous objection. Non-supply of reasons recorded was not fatal where no formal request was made. Substantive relief granted: long-term capital gains from sale of ancestral land must be assessed in HUF capacity, not in the individual's hands. Addition treating declared agricultural income as undisclosed is upheld.
ITAT upholds validity of the assessment proceedings: the notice under s.143(2) and accompanying questionnaire were issued after application of mind and are not mechanical; therefore grounds challenging re-assessment notice and service are dismissed. Procedural fairness is affirmed - multiple opportunities to be heard were afforded and no infirmity found. The contention regarding non-acknowledgement of ITR-V was rejected under the principle in s.292B for participating in proceedings without contemporaneous objection. Non-supply of reasons recorded was not fatal where no formal request was made. Substantive relief granted: long-term capital gains from sale of ancestral land must be assessed in HUF capacity, not in the individual's hands. Addition treating declared agricultural income as undisclosed is upheld.
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TaxTMI 
TaxTMI 
of 4915 
