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 and premium - Making investment through cash in itself raises doubt and the assessee has merely furnished confirmation from said subscriber without any detail of source of the cash in the hands of the subscriber companies - In the independent enquiry made by the AO through Inspector, those companies were neither found at the addresses given nor responded to summons issued - the assessee hasn't discharged its onus u/s 68
Addition u/s 68 - share capital and premium - Making investment through cash in itself raises doubt and the assessee has merely furnished confirmation from said subscriber without any detail of source of the cash in the hands of the subscriber companies - In the independent enquiry made by the AO through Inspector, those companies were neither found at the addresses given nor responded to summons issued - the assessee hasn't discharged its onus u/s 68
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
