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 AT allowed the appeals, modified the impugned confirmation of a provisional attachment order and granted condonation of delay, holding appellants to be bona fide purchasers without collusion with vendors. The Tribunal found the Respondent negligent in failing to give requisite public notice, affix conspicuous notice or take physical possession post-confirmation, and noncompliant with procedural Rules governing possession and publication, thereby prejudicing subsequent purchasers and third-party lenders. In consequence, the limitation period was extended under Section 14 principles from date of appellants' knowledge, both contested issues were decided for the appellants, and the Adjudicating Authority's order was set aside insofar as it affected the appellants' transactions.
The AT allowed the appeals, modified the impugned confirmation of a provisional attachment order and granted condonation of delay, holding appellants to be bona fide purchasers without collusion with vendors. The Tribunal found the Respondent negligent in failing to give requisite public notice, affix conspicuous notice or take physical possession post-confirmation, and noncompliant with procedural Rules governing possession and publication, thereby prejudicing subsequent purchasers and third-party lenders. In consequence, the limitation period was extended under Section 14 principles from date of appellants' knowledge, both contested issues were decided for the appellants, and the Adjudicating Authority's order was set aside insofar as it affected the appellants' transactions.
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TaxTMI 
TaxTMI 
of 4916 
