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...
The Faceless Penalty Scheme SOP assigns Chapter XXI penalty proceedings to the Penalty Unit. Once the Penalty Unit became operational, the transitional arrangement allowing the Assessment Unit to act as the Penalty Unit ceased to apply. Accordingly, the Assessment Unit lacked jurisdiction to impose penalties under section 271D for alleged cash contributions accepted from members. Penalty orders issued by the Assessment Unit after operationalisation of the Penalty Unit were quashed for want of jurisdiction, rendering the remaining grounds academic.
The Faceless Penalty Scheme SOP assigns Chapter XXI penalty proceedings to the Penalty Unit. Once the Penalty Unit became operational, the transitional arrangement allowing the Assessment Unit to act as the Penalty Unit ceased to apply. Accordingly, the Assessment Unit lacked jurisdiction to impose penalties under section 271D for alleged cash contributions accepted from members. Penalty orders issued by the Assessment Unit after operationalisation of the Penalty Unit were quashed for want of jurisdiction, rendering the remaining grounds academic.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
