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 dismissed the appeal and upheld the PCIT's revision order under s. 263, holding the AO's assessment to be erroneous and prejudicial to the revenue for failing to disallow unpaid VAT under s. 43B(a) as noted in the auditor's Form 3CD and for neglecting to treat belated employee PF contribution as income under s. 2(24)(x). The PCIT's remand to the AO for verification was validated given the recorded failure of the AO to investigate these issues, warranting exercise of revisional jurisdiction. Consequently, the PCIT's direction stands and the assessee's appeal is rejected.
ITAT dismissed the appeal and upheld the PCIT's revision order under s. 263, holding the AO's assessment to be erroneous and prejudicial to the revenue for failing to disallow unpaid VAT under s. 43B(a) as noted in the auditor's Form 3CD and for neglecting to treat belated employee PF contribution as income under s. 2(24)(x). The PCIT's remand to the AO for verification was validated given the recorded failure of the AO to investigate these issues, warranting exercise of revisional jurisdiction. Consequently, the PCIT's direction stands and the assessee's appeal is rejected.
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TaxTMI 
TaxTMI 
of 4915 
