Sec.271 of INCOME TAX ACT = The AO has to initiate penalty proceedings when he found difference between the reported and assessed income – No separate reasons not necessary to record whether to intiate proceedings or not – but the burden lies on the assessee to give suffcient reasons for show cause notice and the burden … Continue reading
REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.1622 OF 2010 (Arising out of S.L.P. (C) No.7572 of 2009) M/s. The Totgars’ Cooperative Sale Society Limited …Appellant(s) Versus Income Tax Officer, Karnataka …Respondent(s) W I T H Civil Appeal No.1623/2010 @ S.L.P. (C) No.10489 of 2009 Civil Appeal No.1624/2010 @ S.L.P. … Continue reading