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...
Penalty u/s 271AAA - assessee in statement u/s 132(4) stated that he is dealing in land, therefore, the cash balance available with him was generated due to various purchase and sale transactions, merely put the income under the head business income, which does neither specify nor substantiates the manner in which the undisclosed income was derived by him - the statutory requirement u/s 271AAA(2) not satisfied - penalty upheld
Penalty u/s 271AAA - assessee in statement u/s 132(4) stated that he is dealing in land, therefore, the cash balance available with him was generated due to various purchase and sale transactions, merely put the income under the head business income, which does neither specify nor substantiates the manner in which the undisclosed income was derived by him - the statutory requirement u/s 271AAA(2) not satisfied - penalty upheld
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
