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 of deemed dividend u/s 2(22)(e) - the loan obtained being not gratuitous in nature, do not fall within the mischief of Section 2(22)(e) of the Act. We thus opine that the action of the Assessing Officer runs counter to the mandate of Section 2(22)(e) of the Act on this score alone- AT
Addition of deemed dividend u/s 2(22)(e) - the loan obtained being not gratuitous in nature, do not fall within the mischief of Section 2(22)(e) of the Act. We thus opine that the action of the Assessing Officer runs counter to the mandate of Section 2(22)(e) of the Act on this score alone- AT
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TaxTMI 
TaxTMI 
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