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...
Denial of charitable exemption under section 11 due to delayed filing of Form 10BB was held impermissible where the assessee was otherwise entitled to the benefit; procedural lapse alone should not defeat statutory exemption, and the tax department must not retain amounts not legitimately due. The court relied on precedent that revenue cannot collect tax not payable and treated the medical condition of the managing trustee as an explanatory circumstance for delay. Consequently the petitioner's entitlement to exemption was recognised while the court directed payment of Rs. 50,000 as a condition of relief.
Denial of charitable exemption under section 11 due to delayed filing of Form 10BB was held impermissible where the assessee was otherwise entitled to the benefit; procedural lapse alone should not defeat statutory exemption, and the tax department must not retain amounts not legitimately due. The court relied on precedent that revenue cannot collect tax not payable and treated the medical condition of the managing trustee as an explanatory circumstance for delay. Consequently the petitioner's entitlement to exemption was recognised while the court directed payment of Rs. 50,000 as a condition of relief.
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TaxTMI 
TaxTMI 
of 4915 
