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 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act, only the credits made in the books of accounts, that were not explained by the assessee required to be brought to tax. Since the deposits were made in the bank account, the same required to be taxed u/s 69, but not u/s 68 - AT
Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act, only the credits made in the books of accounts, that were not explained by the assessee required to be brought to tax. Since the deposits were made in the bank account, the same required to be taxed u/s 69, but not u/s 68 - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
