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...
In accordance with CBDT Instruction No. 3 of 2017, the AO exceeded jurisdiction by conducting inquiry into cash deposits up to Rs. 2.5 lakhs by an individual without business income. As per Source Specific General Verification Guidelines, no further verification is required for such cash deposits. The ITAT held that the AO erred by disregarding CBDT guidelines, which are binding, and relied on coordinate bench rulings granting exemption up to Rs. 2,50,000. Consequently, the assessee's appeal was allowed.
In accordance with CBDT Instruction No. 3 of 2017, the AO exceeded jurisdiction by conducting inquiry into cash deposits up to Rs. 2.5 lakhs by an individual without business income. As per Source Specific General Verification Guidelines, no further verification is required for such cash deposits. The ITAT held that the AO erred by disregarding CBDT guidelines, which are binding, and relied on coordinate bench rulings granting exemption up to Rs. 2,50,000. Consequently, the assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
