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 - share capital & premium - Nothing on record suggest any money got exchanged between the assessee and the investor - as per Ld. AO’s finding, the impugned AY was the initial year of business operation of the company and therefore, it is difficult to accept that the assessee accumulated huge unaccounted money which was ploughed back in the shape of share capital / share premium - addition not sustainable
Addition u/s.68 - share capital & premium - Nothing on record suggest any money got exchanged between the assessee and the investor - as per Ld. AO’s finding, the impugned AY was the initial year of business operation of the company and therefore, it is difficult to accept that the assessee accumulated huge unaccounted money which was ploughed back in the shape of share capital / share premium - addition not sustainable
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
