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 the suppressed gross receipts as were disclosed by the assessee company during the survey proceedings u/s. 133A - The AO initially added the entire unrecorded amount as income, but the Tribunal agreed with the Commissioner's approach that only the profit element should be taxed. This decision was based on the principle that the total sales could not be regarded as profit and was supported by various judicial precedents.
Addition of the suppressed gross receipts as were disclosed by the assessee company during the survey proceedings u/s. 133A - The AO initially added the entire unrecorded amount as income, but the Tribunal agreed with the Commissioner's approach that only the profit element should be taxed. This decision was based on the principle that the total sales could not be regarded as profit and was supported by various judicial precedents.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
