Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Addition u/s 68 - share application money - preference shares - additions as dubious transaction for which no proper explanation was given - the assessee was provided with ample opportunities to furnish details pertaining to his claim. From the submissions made by the assessee, notice u/s 133(6) was issued by the AO to the concerned parties which was found to be returned as ‘unserved’. The assessee has not proved the identity, creditworthiness of the investors and genuiness of the transaction. - AT
Addition u/s 68 - share application money - preference shares - additions as dubious transaction for which no proper explanation was given - the assessee was provided with ample opportunities to furnish details pertaining to his claim. From the submissions made by the assessee, notice u/s 133(6) was issued by the AO to the concerned parties which was found to be returned as ‘unserved’. The assessee has not proved the identity, creditworthiness of the investors and genuiness of the transaction. - AT
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