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 - Bogus purchases - Second reopening assessment proceedings - The Tribunal affirms the decision of the CIT-A to delete the addition made under Section 69C. It emphasizes that the appellant's case had already been reopened and reassessed for alleged bogus purchases in earlier proceedings, wherein a net profit rate of 5.76% was determined and confirmed. Consequently, the Tribunal finds no justification for further additions.
Estimation of income - Bogus purchases - Second reopening assessment proceedings - The Tribunal affirms the decision of the CIT-A to delete the addition made under Section 69C. It emphasizes that the appellant's case had already been reopened and reassessed for alleged bogus purchases in earlier proceedings, wherein a net profit rate of 5.76% was determined and confirmed. Consequently, the Tribunal finds no justification for further additions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
