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 made u/s. 40A(2)(b) for excess payment made to related party - The tribunal noted that the assessee provided substantial evidence of higher purchase rates from unrelated parties and that both entities were in a loss scenario, negating any tax advantage motive. Thus, the addition was deleted.
Addition made u/s. 40A(2)(b) for excess payment made to related party - The tribunal noted that the assessee provided substantial evidence of higher purchase rates from unrelated parties and that both entities were in a loss scenario, negating any tax advantage motive. Thus, the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
