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...
Long Term Capital Gain - penny stock - assessee produced all evidences to explain the source of the amounts received from the brokers and there is no evidence on record to disbelieve that the assessee sold shares through registered Stock Exchange and stock broker - AO was not justified in assessing the sale proceeds of shares as undisclosed income u/s 68 - LTCG allowable
Long Term Capital Gain - penny stock - assessee produced all evidences to explain the source of the amounts received from the brokers and there is no evidence on record to disbelieve that the assessee sold shares through registered Stock Exchange and stock broker - AO was not justified in assessing the sale proceeds of shares as undisclosed income u/s 68 - LTCG allowable
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
