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...
Whether the adjudicating authority could permit amendment of the "date of default" in a s.7 application from a date falling within the s.10A prohibited period to an earlier date was the dominant issue. The tribunal held that an amendment is permissible where the underlying pleadings and contemporaneous documents already disclose the earlier default and the later date merely reflected a continuing default based on post-dated cheques; such amendment does not amount to impermissible withdrawal of an admission but a clarification consistent with record, and s.10A bars only applications founded on defaults occurring within the protected period. Accordingly, the order allowing amendment was upheld and the appeal was dismissed - NCLAT
Whether the adjudicating authority could permit amendment of the "date of default" in a s.7 application from a date falling within the s.10A prohibited period to an earlier date was the dominant issue. The tribunal held that an amendment is permissible where the underlying pleadings and contemporaneous documents already disclose the earlier default and the later date merely reflected a continuing default based on post-dated cheques; such amendment does not amount to impermissible withdrawal of an admission but a clarification consistent with record, and s.10A bars only applications founded on defaults occurring within the protected period. Accordingly, the order allowing amendment was upheld and the appeal was dismissed - NCLAT
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TaxTMI 
TaxTMI 
of 4915 
