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...
Abatement of proceedings on initiation of search is limited to assessments or reassessments that are pending at the time of search; completed and subsisting assessment orders do not abate. However, where a fresh assessment is made under the block-assessment scheme for a year within the block period, the prior completed assessment for that year is rendered infructuous and is treated as re-opened and merged into the subsequent block assessment, so the latter determination governs. The appellate challenge succeeded and the tribunal order was set aside, leaving the Section 153A assessment operative in relation to the disputed loss treatment.
Abatement of proceedings on initiation of search is limited to assessments or reassessments that are pending at the time of search; completed and subsisting assessment orders do not abate. However, where a fresh assessment is made under the block-assessment scheme for a year within the block period, the prior completed assessment for that year is rendered infructuous and is treated as re-opened and merged into the subsequent block assessment, so the latter determination governs. The appellate challenge succeeded and the tribunal order was set aside, leaving the Section 153A assessment operative in relation to the disputed loss treatment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
