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 271(1)(c) treats concealment of income and furnishing inaccurate particulars as distinct penal defaults, requiring clear identification and proof of the specific charge. Mere non-disclosure does not establish inaccurate particulars unless the return contains incorrect or false details. An explanation offered during assessment, not found false and used to quantify the addition, may support bona fides and prevent application of Explanation 1. Although tax penalties do not require proof of mens rea, an addition alone does not make penalty automatic. On these facts, the absence of a specific default and failure to satisfy Explanation 1 led to deletion of the penalty.
Section 271(1)(c) treats concealment of income and furnishing inaccurate particulars as distinct penal defaults, requiring clear identification and proof of the specific charge. Mere non-disclosure does not establish inaccurate particulars unless the return contains incorrect or false details. An explanation offered during assessment, not found false and used to quantify the addition, may support bona fides and prevent application of Explanation 1. Although tax penalties do not require proof of mens rea, an addition alone does not make penalty automatic. On these facts, the absence of a specific default and failure to satisfy Explanation 1 led to deletion of the penalty.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
