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 money u/s 69A applies even if books of account are not required to be maintained. Assessee failed to establish funds were duly reported and tax paid by husband. Addition u/s 56(2)(x)(b)(B) upheld as stamp duty paid exceeded thresholds, despite notice citing incorrect provision. Stamp duty leviable on market value, not guideline value. HC permitted assessee to file additional documents regarding source of funds, directed fresh order on 69A addition after providing opportunity of hearing. No interference on 56(2) addition. Costs imposed for non-cooperation.
Unexplained money u/s 69A applies even if books of account are not required to be maintained. Assessee failed to establish funds were duly reported and tax paid by husband. Addition u/s 56(2)(x)(b)(B) upheld as stamp duty paid exceeded thresholds, despite notice citing incorrect provision. Stamp duty leviable on market value, not guideline value. HC permitted assessee to file additional documents regarding source of funds, directed fresh order on 69A addition after providing opportunity of hearing. No interference on 56(2) addition. Costs imposed for non-cooperation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
