Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Unexplained cash credit u/s 68 - AO made addition of loan based on statement of a person who retract subsequently - it is the revenue which had placed reliance on the statement hence it is the duty of the revenue to produce the party as their witness in order to enable the assessee to cross examine the said party, if it so desires and this responsibility cannot be shifted to the assessee by the AO - no addition based on that statement
Unexplained cash credit u/s 68 - AO made addition of loan based on statement of a person who retract subsequently - it is the revenue which had placed reliance on the statement hence it is the duty of the revenue to produce the party as their witness in order to enable the assessee to cross examine the said party, if it so desires and this responsibility cannot be shifted to the assessee by the AO - no addition based on that statement
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
