https://www.taxtmi.com/article/detailed?id=10416 Reassessment notices have been directed at individuals whose PANs appear in KYC as authorized signatories, with assessing officers treating aggregated credits in principals' accounts as assessable income of the signatory without verifying account ownership or comparing principals' returns. The document contends this reflects a failure to recognise the principal agent relationship, criticises the omission of principals' identities in notices, and recommends a preliminary reply demanding full bank records, identification of account holders, the basis for alleging escapement of income, and escalation where necessary while denying taxable income in the signatory's hands. en-us Wed, 25 May 2022 09:44:06 +0530 Wed, 25 May 2022 09:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10416 Reassessment notices have been directed at individuals whose PANs appear in KYC as authorized signatories, with assessing officers treating aggregated credits in principals' accounts as assessable income of the signatory without verifying account ownership or comparing principals' returns. The document contends this reflects a failure to recognise the principal agent relationship, criticises the omission of principals' identities in notices, and recommends a preliminary reply demanding full bank records, identification of account holders, the basis for alleging escapement of income, and escalation where necessary while denying taxable income in the signatory's hands. Articles Income Tax Wed, 25 May 2022 09:44:06 +0530 https://www.taxtmi.com/article/detailed?id=10416