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...
Assessment u/s 153A - on-money in land transaction - simply because the buyer did not say anything about the ‘on money payment’, statement of the assessee in the absence of any contrary evidence can’t be rejected. The AO has made the addition u/s 68 of the Act. This Section applies when any sum is found credited in the books of accounts, source of which is not explained to the satisfaction of the AO. Noting on a paper can’t be said to be an entry in the books of accounts. -additions deleted - AT
Assessment u/s 153A - on-money in land transaction - simply because the buyer did not say anything about the ‘on money payment’, statement of the assessee in the absence of any contrary evidence can’t be rejected. The AO has made the addition u/s 68 of the Act. This Section applies when any sum is found credited in the books of accounts, source of which is not explained to the satisfaction of the AO. Noting on a paper can’t be said to be an entry in the books of accounts. -additions deleted - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
