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...
Transfer of an assessment case under section 127 by a Joint Commissioner lacking statutory power is jurisdictionally invalid. An assessee must also be afforded an opportunity of hearing before transfer between Assessing Officers. Participation in subsequent assessment proceedings, or failure to object within thirty days, cannot cure a transfer made by an incompetent authority. Consequently, an assessment made by the transferee Assessing Officer is non est, and a penalty for furnishing inaccurate particulars founded on that assessment cannot survive. The assessment and consequential penalty were quashed.
Transfer of an assessment case under section 127 by a Joint Commissioner lacking statutory power is jurisdictionally invalid. An assessee must also be afforded an opportunity of hearing before transfer between Assessing Officers. Participation in subsequent assessment proceedings, or failure to object within thirty days, cannot cure a transfer made by an incompetent authority. Consequently, an assessment made by the transferee Assessing Officer is non est, and a penalty for furnishing inaccurate particulars founded on that assessment cannot survive. The assessment and consequential penalty were quashed.
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TaxTMI 
TaxTMI 
of 4916 
