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...
Additions towards Undisclosed profit made on the basis of the seized documents - ITAT deleted the additions - Now, look at the reasons given by the tribunal. It cast a duty on the Revenue to prove the handwriting of the assessee. It accepted the contention of the assessee that the documents did not belong to him instead of requiring him to prove it. It allowed the assessee to retract the admission made by him during the course of the proceedings - The tribunal ought not to have disregarded the admission merely on the ground that later on the assessee had withdrawn the admission - HC
Additions towards Undisclosed profit made on the basis of the seized documents - ITAT deleted the additions - Now, look at the reasons given by the tribunal. It cast a duty on the Revenue to prove the handwriting of the assessee. It accepted the contention of the assessee that the documents did not belong to him instead of requiring him to prove it. It allowed the assessee to retract the admission made by him during the course of the proceedings - The tribunal ought not to have disregarded the admission merely on the ground that later on the assessee had withdrawn the admission - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
