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 - unexplained credit/receipt - bogus receipt towards share capital and share premium - The suspicion entertained on bona fides has not been carried out to any logical end. AO has attempted to implicate the assessee mainly on two grounds namely, inspector report which shows that the assessee was not in existence at the address and secondly, the summons issued u/s 131 has not been complied with by the Director of the Assessee. Both the points do not have much force. - AT
Addition u/s 68 - unexplained credit/receipt - bogus receipt towards share capital and share premium - The suspicion entertained on bona fides has not been carried out to any logical end. AO has attempted to implicate the assessee mainly on two grounds namely, inspector report which shows that the assessee was not in existence at the address and secondly, the summons issued u/s 131 has not been complied with by the Director of the Assessee. Both the points do not have much force. - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
