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. 69A - unexplained cash deposits in the bank account - The Tribunal found the explanation provided by the assessee regarding the sale consideration for real estate transactions to be credible, especially considering the stamp paper in the purchaser's name and the nature of the assessee's business. - However, discrepancies were noted in the explanation provided for loan proceeds, leading to the Tribunal upholding a portion of the addition as unexplained. - In conclusion, the Tribunal partly allowed the assessee's appeal, directing the deletion of a significant portion of the addition while upholding a portion as unexplained.
Addition u/s. 69A - unexplained cash deposits in the bank account - The Tribunal found the explanation provided by the assessee regarding the sale consideration for real estate transactions to be credible, especially considering the stamp paper in the purchaser's name and the nature of the assessee's business. - However, discrepancies were noted in the explanation provided for loan proceeds, leading to the Tribunal upholding a portion of the addition as unexplained. - In conclusion, the Tribunal partly allowed the assessee's appeal, directing the deletion of a significant portion of the addition while upholding a portion as unexplained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
