https://www.taxtmi.com/highlights?id=68397 Reopening of assessment u/s 147 - ‘loan given” was believed to be undisclosed income of assessee - penalty u/s 271D and 271E - the “original-conclusion” was not faulty at the time of initiating re-assessment / passing of order of reassessment / launching of penalty-proceedings. It is a subsequent matter that the dust was clear about the nature of transaction and “original-conclusion” was reversed. Hence, it would be apt to give preference to the “original-conclusion” which has set the proceedings in motion. - AT en-us Wed, 22 Feb 2023 17:49:12 +0530 Wed, 22 Feb 2023 17:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68397 Reopening of assessment u/s 147 - ‘loan given” was believed to be undisclosed income of assessee - penalty u/s 271D and 271E - the “original-conclusion” was not faulty at the time of initiating re-assessment / passing of order of reassessment / launching of penalty-proceedings. It is a subsequent matter that the dust was clear about the nature of transaction and “original-conclusion” was reversed. Hence, it would be apt to give preference to the “original-conclusion” which has set the proceedings in motion. - AT Highlights Income Tax Wed, 22 Feb 2023 17:49:12 +0530 https://www.taxtmi.com/highlights?id=68397