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...
Assessee obtained loan from bogus entry provider but failed to produce lender despite directions. Inquiry prevented by assessee. Unusual for lender providing huge loans yearly without being produced. Assessee duty-bound to explain creditor identity, transaction genuineness, creditor creditworthiness. AO asked source of credit, not source of source. Appeal restored to AO to examine by producing company directors. No cross-examination requirement as assessee must independently prove cash credit ingredients. AO to examine transactions per Section 68 parameters, not relying on confessions/retractions. Appeal allowed statistically.
Assessee obtained loan from bogus entry provider but failed to produce lender despite directions. Inquiry prevented by assessee. Unusual for lender providing huge loans yearly without being produced. Assessee duty-bound to explain creditor identity, transaction genuineness, creditor creditworthiness. AO asked source of credit, not source of source. Appeal restored to AO to examine by producing company directors. No cross-examination requirement as assessee must independently prove cash credit ingredients. AO to examine transactions per Section 68 parameters, not relying on confessions/retractions. Appeal allowed statistically.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
