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...
Excess input tax credit demand required reconsideration because the disputed credit had been reversed and surplus credit remained in the Electronic Credit Ledger. The High Court quashed the demand order, which had confirmed the show-cause notice without a reply, and remitted the matter for fresh adjudication on merits. The taxpayer must file a reply to the show-cause notice with supporting documents within the stipulated period; otherwise, recovery may proceed in accordance with law.
Excess input tax credit demand required reconsideration because the disputed credit had been reversed and surplus credit remained in the Electronic Credit Ledger. The High Court quashed the demand order, which had confirmed the show-cause notice without a reply, and remitted the matter for fresh adjudication on merits. The taxpayer must file a reply to the show-cause notice with supporting documents within the stipulated period; otherwise, recovery may proceed in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
