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...
Unexplained expenditure u/s 69C - Addition relating to cash transferred through Angadias - Reliability of WhatsApp chat between employees and son-in-law of CMD - it could be a private and independent transaction, unconnected with the assessee company. Accordingly, AO could not have made this addition without bringing any material on record to show that the assessee company’s funds have been used for execution of this transaction and further the transaction has actually been executed. - Additions deleted - AT
Unexplained expenditure u/s 69C - Addition relating to cash transferred through Angadias - Reliability of WhatsApp chat between employees and son-in-law of CMD - it could be a private and independent transaction, unconnected with the assessee company. Accordingly, AO could not have made this addition without bringing any material on record to show that the assessee company’s funds have been used for execution of this transaction and further the transaction has actually been executed. - Additions deleted - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
