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 cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the appellant's submission regarding the source of cash deposits during demonetization and found that the addition made by the Assessing Officer was erroneous. They directed the Assessing Officer to make an addition of equal to 10% of the cash deposit and tax it under normal provisions instead of section 115BBE of the Act.
Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the appellant's submission regarding the source of cash deposits during demonetization and found that the addition made by the Assessing Officer was erroneous. They directed the Assessing Officer to make an addition of equal to 10% of the cash deposit and tax it under normal provisions instead of section 115BBE of the Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
