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 - The Tribunal considered similar cases and upheld the decision to restrict the disallowance to 6% of the impugned purchases. They noted that the AO had not conducted independent investigation and had not disputed the sales, while the books of accounts were not rejected. Considering the overall facts and circumstances, they deemed the 6% disallowance reasonable to prevent revenue leakage.
Estimation of income - Bogus purchases - The Tribunal considered similar cases and upheld the decision to restrict the disallowance to 6% of the impugned purchases. They noted that the AO had not conducted independent investigation and had not disputed the sales, while the books of accounts were not rejected. Considering the overall facts and circumstances, they deemed the 6% disallowance reasonable to prevent revenue leakage.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
