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...
Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play.
Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to the income of the assessee. - Considering the absence of evidence regarding the fate of the unaccounted purchases in the assessee's financial statements, the Tribunal deemed it necessary to estimate the profit element for tax purposes. While the assessee suggested a profit rate of 2%, the Tribunal deemed a higher rate appropriate, settling at 5% for the sake of justice and fair play.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
