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...
Penalty for misreporting under section 270A is addressed in relation to a disallowed deduction for political contributions under section 80GGC. Disallowance of a transparently disclosed claim, without material showing false evidence, suppression of facts or deliberate misrepresentation, does not by itself establish misreporting. Penalty proceedings must also identify the applicable limb of section 270A(9); failure to specify that statutory basis makes a penalty for under-reporting arising from misreporting unsustainable. On these grounds, the section 270A penalty was deleted, although other objections to the penalty proceedings failed.
Penalty for misreporting under section 270A is addressed in relation to a disallowed deduction for political contributions under section 80GGC. Disallowance of a transparently disclosed claim, without material showing false evidence, suppression of facts or deliberate misrepresentation, does not by itself establish misreporting. Penalty proceedings must also identify the applicable limb of section 270A(9); failure to specify that statutory basis makes a penalty for under-reporting arising from misreporting unsustainable. On these grounds, the section 270A penalty was deleted, although other objections to the penalty proceedings failed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
