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...
Registration under section 12A was originally granted and renewed by the prescribed authority empowered to grant or withdraw such registration. The tribunal held that section 127 permits transfer of cases among assessing officers but does not permit transfer of power to Commissioners who are not assessing officers; therefore a different PCIT lacked jurisdiction to cancel the registration granted by the empowered authority. Consequence: the cancellation order issued without jurisdiction was quashed and the assessee's registration restored, and the appeal was allowed.
Registration under section 12A was originally granted and renewed by the prescribed authority empowered to grant or withdraw such registration. The tribunal held that section 127 permits transfer of cases among assessing officers but does not permit transfer of power to Commissioners who are not assessing officers; therefore a different PCIT lacked jurisdiction to cancel the registration granted by the empowered authority. Consequence: the cancellation order issued without jurisdiction was quashed and the assessee's registration restored, and the appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
