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 of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible explanations supported by evidence, including invoices, ledger accounts, bank statements, and acknowledgments from the parties. Despite this, the AO made the addition solely based on the partner's statement during the survey. However, the Tribunal found that the explanations provided by the assessee were credible and that there was no basis for the addition.
Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible explanations supported by evidence, including invoices, ledger accounts, bank statements, and acknowledgments from the parties. Despite this, the AO made the addition solely based on the partner's statement during the survey. However, the Tribunal found that the explanations provided by the assessee were credible and that there was no basis for the addition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
