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 issue concerns whether an Assessing Officer may rely on a Valuation Officer (DVO) report delivered after the six month deadline in section 142A(6) to invoke the exclusion period under Explanation 1(v) to section 153 and thereby extend limitation. The HC agreed with the Tribunal that section 142A(6) requires the report within six months and that the exclusion-period and its proviso apply only where the report falls within that regime; a belated DVO report has no legal value to extend limitation, and the Principal Commissioner was not justified in revising the assessment under revision powers. Revenue appeal dismissed.
The issue concerns whether an Assessing Officer may rely on a Valuation Officer (DVO) report delivered after the six month deadline in section 142A(6) to invoke the exclusion period under Explanation 1(v) to section 153 and thereby extend limitation. The HC agreed with the Tribunal that section 142A(6) requires the report within six months and that the exclusion-period and its proviso apply only where the report falls within that regime; a belated DVO report has no legal value to extend limitation, and the Principal Commissioner was not justified in revising the assessment under revision powers. Revenue appeal dismissed.
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