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, holding that the delay in filing the return was attributable to the petitioner's Chartered Accountant being pre-occupied with a family ceremony and constituted a genuine hardship; the audit report had been duly certified and the assessee's losses were undisputed. The Court concluded that entitlement to the statutory benefit is procedural and cannot be forfeited on mere technicalities where a bona fide explanation exists. The HC set aside the respondent's order and remanded the matter with a direction to consider and pass a fresh order under Sec. 119(2)(b) of the Act, condoning the delay in filing the income-tax return.
The HC allowed the petition, holding that the delay in filing the return was attributable to the petitioner's Chartered Accountant being pre-occupied with a family ceremony and constituted a genuine hardship; the audit report had been duly certified and the assessee's losses were undisputed. The Court concluded that entitlement to the statutory benefit is procedural and cannot be forfeited on mere technicalities where a bona fide explanation exists. The HC set aside the respondent's order and remanded the matter with a direction to consider and pass a fresh order under Sec. 119(2)(b) of the Act, condoning the delay in filing the income-tax return.
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