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...
Revision u/s 263 - source of cash found in the course of search remains unexplained and additions u/s 69A r.w. Section 115BBE - The Tribunal found merit in the appellant's defense regarding the source of cash found during the search. It noted that the appellant had provided reasonable explanations, including references to previous years' balances, which were accepted by the Assessing Officer (AO). - Regarding the issue of jewellery, the Tribunal highlighted the lack of opportunity provided to the appellant by the Pr.CIT to address this matter. It emphasized that principles of natural justice were breached, as the appellant was not given a chance to defend against the allegations related to jewellery. Ultimately, the Tribunal set aside the revisional order and upheld the appellant's appeals.
Revision u/s 263 - source of cash found in the course of search remains unexplained and additions u/s 69A r.w. Section 115BBE - The Tribunal found merit in the appellant's defense regarding the source of cash found during the search. It noted that the appellant had provided reasonable explanations, including references to previous years' balances, which were accepted by the Assessing Officer (AO). - Regarding the issue of jewellery, the Tribunal highlighted the lack of opportunity provided to the appellant by the Pr.CIT to address this matter. It emphasized that principles of natural justice were breached, as the appellant was not given a chance to defend against the allegations related to jewellery. Ultimately, the Tribunal set aside the revisional order and upheld the appellant's appeals.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
