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 - Assessment u/s 153A post search - The High Court observed that the documents found and seized from the assessee’s premises were written by Appellant no. 2 , wife of Appellant no. 1. The entries in this document is relating to the business of assessee of liaisoning for which commission has been received from time to time. Assessee has made payment, as explained, in getting clear the properties or vacating the same from unauthorized occupants. Assessee does not deny that these entries did not relate to the activities carried out by him. He also admits that only part of the entries are correct. - Additions made got confirmed.
Unexplained expenditure u/s. 69C - Assessment u/s 153A post search - The High Court observed that the documents found and seized from the assessee’s premises were written by Appellant no. 2 , wife of Appellant no. 1. The entries in this document is relating to the business of assessee of liaisoning for which commission has been received from time to time. Assessee has made payment, as explained, in getting clear the properties or vacating the same from unauthorized occupants. Assessee does not deny that these entries did not relate to the activities carried out by him. He also admits that only part of the entries are correct. - Additions made got confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
