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...
Addition u/s 68 - credit of undisclosed income - it was declared before settlement commission that company has earned the undisclosed income and routed in books through its companies as unaccounted share capital - sources of income is taxed in the hands of Surya Food and Agro Ltd - Therefore prima facie the case of the assessee shows that there is double taxation, once the source of income and secondly the application of income - addition deleted
Addition u/s 68 - credit of undisclosed income - it was declared before settlement commission that company has earned the undisclosed income and routed in books through its companies as unaccounted share capital - sources of income is taxed in the hands of Surya Food and Agro Ltd - Therefore prima facie the case of the assessee shows that there is double taxation, once the source of income and secondly the application of income - addition deleted
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
