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 - unsecured loans - the AO did not acknowledge the confirmation along with PAN number, ITR and bank account of the appellant which were very relevant regarding the identity, capacity of the creditors showing their creditworthiness and genuineness of the transaction of unsecured loans the AO simple rejecting the same without any basis and could not satisfied the requirement of valid invocation of provision of section 68 - CIT(A) rightly deleted the additions - AT
Addition u/s 68 - unsecured loans - the AO did not acknowledge the confirmation along with PAN number, ITR and bank account of the appellant which were very relevant regarding the identity, capacity of the creditors showing their creditworthiness and genuineness of the transaction of unsecured loans the AO simple rejecting the same without any basis and could not satisfied the requirement of valid invocation of provision of section 68 - CIT(A) rightly deleted the additions - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
