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 HC allowed the petition and directed remand: finding that the petitioner's delay in filing the return arose from the chartered accountant's family function and not from mala fides, the Court held the audit report and reported losses credible and the petitioner's entitlement under the Act substantive rather than forfeitable on technical grounds; accordingly the respondent's earlier rejection of the s.119(2)(b) application was set aside and the matter remitted to the respondent to pass a fresh, reasoned order condoning the delay and accepting the belated return so the petitioner may avail the statutory benefits.
The HC allowed the petition and directed remand: finding that the petitioner's delay in filing the return arose from the chartered accountant's family function and not from mala fides, the Court held the audit report and reported losses credible and the petitioner's entitlement under the Act substantive rather than forfeitable on technical grounds; accordingly the respondent's earlier rejection of the s.119(2)(b) application was set aside and the matter remitted to the respondent to pass a fresh, reasoned order condoning the delay and accepting the belated return so the petitioner may avail the statutory benefits.
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TaxTMI 
TaxTMI 
of 4915 
