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...
Deduction u/s 35(1)(ii) disallowed by AO based on Investigation Wing's report alleging bogus donations receipts issued by institutions. ITAT held AO did not make independent inquiry to prove applicability of Investigation Wing's view to assessee. No material brought to disprove assessee's evidence regarding donations paid. No proof of cheque amount being ploughed back as cash to assessee. Subsequent withdrawal of recognition u/s 35(1)(ii) not a bar for allowing deduction for earlier donations. Assessee's claim u/s 35(1)(ii) allowed for both years. Assessee appeal allowed.
Deduction u/s 35(1)(ii) disallowed by AO based on Investigation Wing's report alleging bogus donations receipts issued by institutions. ITAT held AO did not make independent inquiry to prove applicability of Investigation Wing's view to assessee. No material brought to disprove assessee's evidence regarding donations paid. No proof of cheque amount being ploughed back as cash to assessee. Subsequent withdrawal of recognition u/s 35(1)(ii) not a bar for allowing deduction for earlier donations. Assessee's claim u/s 35(1)(ii) allowed for both years. Assessee appeal allowed.
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TaxTMI 
TaxTMI 
of 4916 
