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...
The ITAT considered whether an assessing officer can refer to a registered valuer u/s 55A based on physical appearance during search/survey without rejecting books of account. Sections 16A of Wealth-tax Act and 142A empower AO to refer to Valuation Officer for asset valuation. Valuation Officer must consider evidence provided by taxpayer and make judgment. AO can use Valuation Officer's report in assessment. Addition based solely on private valuer's report without incriminating material was challenged. CIT(A) cited precedent that addition cannot be made solely on valuation report without corroborative evidence. Revenue's argument dismissed, challenging addition.
The ITAT considered whether an assessing officer can refer to a registered valuer u/s 55A based on physical appearance during search/survey without rejecting books of account. Sections 16A of Wealth-tax Act and 142A empower AO to refer to Valuation Officer for asset valuation. Valuation Officer must consider evidence provided by taxpayer and make judgment. AO can use Valuation Officer's report in assessment. Addition based solely on private valuer's report without incriminating material was challenged. CIT(A) cited precedent that addition cannot be made solely on valuation report without corroborative evidence. Revenue's argument dismissed, challenging addition.
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TaxTMI 
TaxTMI 
of 4915 
