https://www.taxtmi.com/article/detailed?id=11775 Penalty or prosecution can be initiated even if an assessee agreed to nil assessment instead of declared loss; however, penalty proceedings are distinct from assessments and require a show-cause process with evidence of concealment or inaccuracy. Notices must specify the precise limb alleged to meet natural justice and identify the offence. Penalties for receipt of loans or deposits contrary to prohibitions presuppose assessment-linked satisfaction and proceedings; without assessment or recorded satisfaction, initiation or levy of such penalties is invalid. en-us Fri, 25 Aug 2023 10:07:42 +0530 Fri, 25 Aug 2023 10:07:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11775 Penalty or prosecution can be initiated even if an assessee agreed to nil assessment instead of declared loss; however, penalty proceedings are distinct from assessments and require a show-cause process with evidence of concealment or inaccuracy. Notices must specify the precise limb alleged to meet natural justice and identify the offence. Penalties for receipt of loans or deposits contrary to prohibitions presuppose assessment-linked satisfaction and proceedings; without assessment or recorded satisfaction, initiation or levy of such penalties is invalid. Articles Income Tax Fri, 25 Aug 2023 10:07:42 +0530 https://www.taxtmi.com/article/detailed?id=11775