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 granted ad-interim relief, holding that the impugned notices and the assessment order dated 31.03.2022 are stayed and respondents, successors, subordinates and agents are restrained by injunction from taking further steps; prima facie the AO lacked jurisdiction to treat the Section 148 notice as a show-cause under Section 148A(b) or to pass an order under Section 148A(d), and no subsequent assessment has been completed. The court directed the Revenue to deposit Rs. 1,63,45,488 into court pending further orders, finding the recovery/adjustment from the petitioner prima facie impermissible and rejecting the Revenue's ITBA-based contention.
The HC granted ad-interim relief, holding that the impugned notices and the assessment order dated 31.03.2022 are stayed and respondents, successors, subordinates and agents are restrained by injunction from taking further steps; prima facie the AO lacked jurisdiction to treat the Section 148 notice as a show-cause under Section 148A(b) or to pass an order under Section 148A(d), and no subsequent assessment has been completed. The court directed the Revenue to deposit Rs. 1,63,45,488 into court pending further orders, finding the recovery/adjustment from the petitioner prima facie impermissible and rejecting the Revenue's ITBA-based contention.
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TaxTMI 
TaxTMI 
of 4915 
