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...
Show-cause notice under Section 124 must be a written, specific notice and a reasonable, personal opportunity of hearing is mandatory before confiscation and penalties can be imposed; waivers must be voluntary, conscious and informed, and pre-printed or non-particularised waivers cannot substitute for the statutory notice. The article distinguishes Section 28 (duty recovery) from Section 124 (confiscation and civil consequences) and concludes that permitting confiscation without compliance with Section 124 breaches natural justice; non-compliance vitiates confiscation and allows reopening by issuing a valid Section 124 notice and fresh adjudication.
Show-cause notice under Section 124 must be a written, specific notice and a reasonable, personal opportunity of hearing is mandatory before confiscation and penalties can be imposed; waivers must be voluntary, conscious and informed, and pre-printed or non-particularised waivers cannot substitute for the statutory notice. The article distinguishes Section 28 (duty recovery) from Section 124 (confiscation and civil consequences) and concludes that permitting confiscation without compliance with Section 124 breaches natural justice; non-compliance vitiates confiscation and allows reopening by issuing a valid Section 124 notice and fresh adjudication.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
