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 set aside the penalty order under s.271(1)(c) r.w.s.274 insofar as it was founded on a defective show-cause notice that failed to specify the precise charge-whether concealment of particulars of income or furnishing inaccurate particulars-thereby depriving the assessee of the ability to frame an effective defence. The Tribunal found the notice to be a standard, mechanistic document issued without application of mind, and held that penalty imposition in such circumstances is invalid. Consequently the penalty levied was quashed and the appeal allowed in favour of the assessee.
The ITAT set aside the penalty order under s.271(1)(c) r.w.s.274 insofar as it was founded on a defective show-cause notice that failed to specify the precise charge-whether concealment of particulars of income or furnishing inaccurate particulars-thereby depriving the assessee of the ability to frame an effective defence. The Tribunal found the notice to be a standard, mechanistic document issued without application of mind, and held that penalty imposition in such circumstances is invalid. Consequently the penalty levied was quashed and the appeal allowed in favour of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
