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 - The Tribunal, in dismissing the revenue's appeal, noted that while the AO had raised suspicions regarding the genuineness of the transaction, no tangible material was brought on record to support such suspicions. The assessee had disclosed the names of the jewellers to whom the jewellery was sold, along with evidence of payment through banking channels. - Now High Court confirmed the order of ITAT.
Addition u/s 68 - The Tribunal, in dismissing the revenue's appeal, noted that while the AO had raised suspicions regarding the genuineness of the transaction, no tangible material was brought on record to support such suspicions. The assessee had disclosed the names of the jewellers to whom the jewellery was sold, along with evidence of payment through banking channels. - Now High Court confirmed the order of ITAT.
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TaxTMI 
TaxTMI 
of 4915 
