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...
Unexplained cash credit addition rightly deleted as amount credited in sales account and offered as income. Non-genuine purchases addition rightly deleted based on assessee's reconciliation proving purchase and corresponding sale duly recorded. Interest expenses disallowance rightly deleted as assessee had sufficient capital and reserves to give interest-bearing advances.
Unexplained cash credit addition rightly deleted as amount credited in sales account and offered as income. Non-genuine purchases addition rightly deleted based on assessee's reconciliation proving purchase and corresponding sale duly recorded. Interest expenses disallowance rightly deleted as assessee had sufficient capital and reserves to give interest-bearing advances.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
