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...
Premature recovery from an electronic credit ledger was restrained where the ledger was debited before expiry of the appeal period and before the statutory recovery period under Section 78 had run. The Court held that recovery could not commence until three months after service of the order, unless recorded reasons justified curtailment under the proviso to Section 78. Finding no such reasons, and noting that similar petitions had already received interim protection, the Court granted interim relief by staying the appellate order, directing re-credit of the debited amount, and restraining further recovery.
Premature recovery from an electronic credit ledger was restrained where the ledger was debited before expiry of the appeal period and before the statutory recovery period under Section 78 had run. The Court held that recovery could not commence until three months after service of the order, unless recorded reasons justified curtailment under the proviso to Section 78. Finding no such reasons, and noting that similar petitions had already received interim protection, the Court granted interim relief by staying the appellate order, directing re-credit of the debited amount, and restraining further recovery.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
