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...
Disallowance u/s 36(1)(vii) - bad debt claim in respect of identified debts - The Tribunal found no flaw in the information provided by the assessee regarding the bad debts claimed under section 36(1)(vii) and not under section 36(1)(viia). Moreover, it observed that the issue had been consistently decided in favor of the assessee by the Tribunal for preceding years, and the appeals filed by the Revenue against these decisions were dismissed by the Hon’ble Delhi High Court.
Disallowance u/s 36(1)(vii) - bad debt claim in respect of identified debts - The Tribunal found no flaw in the information provided by the assessee regarding the bad debts claimed under section 36(1)(vii) and not under section 36(1)(viia). Moreover, it observed that the issue had been consistently decided in favor of the assessee by the Tribunal for preceding years, and the appeals filed by the Revenue against these decisions were dismissed by the Hon’ble Delhi High Court.
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TaxTMI 
TaxTMI 
of 4915 
