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...
Section 24 requires the Initiating Officer to first issue notice to the alleged benamidar, disclose the reasons for believing the property is benami, and only then seek prior approval for provisional attachment. The Approving Authority must assess the notice and supporting material; approval obtained before notice is mechanical and contrary to the statutory scheme. Accordingly, the confirmed provisional attachment of the jewellery was set aside, while fresh proceedings in accordance with law and all available objections were left open.
Section 24 requires the Initiating Officer to first issue notice to the alleged benamidar, disclose the reasons for believing the property is benami, and only then seek prior approval for provisional attachment. The Approving Authority must assess the notice and supporting material; approval obtained before notice is mechanical and contrary to the statutory scheme. Accordingly, the confirmed provisional attachment of the jewellery was set aside, while fresh proceedings in accordance with law and all available objections were left open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
