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 followed mercantile system of accounting, recognizing income upon accrual and rendering of services. Unexplained cash deposits were duly accounted for, corroborated by statutory audit and service tax returns. No investment in undisclosed property; property taken on lease substantiated by agreements and ledger entries. Unexpired fee calculation consistent with accounting policy. Rent agreements and comprehensive rent payment details provided, negating estimated disallowance. Contractor payments through banking channels with TDS deducted, establishing business expediency. CIT(A) rightly deleted additions made by AO based on objective scrutiny of facts and accounting principles. Revenue appeal against CIT(A) order dismissed by ITAT.
Assessee followed mercantile system of accounting, recognizing income upon accrual and rendering of services. Unexplained cash deposits were duly accounted for, corroborated by statutory audit and service tax returns. No investment in undisclosed property; property taken on lease substantiated by agreements and ledger entries. Unexpired fee calculation consistent with accounting policy. Rent agreements and comprehensive rent payment details provided, negating estimated disallowance. Contractor payments through banking channels with TDS deducted, establishing business expediency. CIT(A) rightly deleted additions made by AO based on objective scrutiny of facts and accounting principles. Revenue appeal against CIT(A) order dismissed by ITAT.
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TaxTMI 
TaxTMI 
of 4916 
