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...
Validity of additions made u/s 153A, 69C, 68, and 69A of the Income Tax Act. It discusses the lack of incriminating material or documents found during the search to justify additions based on the Department Valuation Officer's report. The summary cites relevant case laws, including Narula Educational Trust, Abhisar Buildwell P. Ltd., B.G.Shirke Construction Technology Pvt Ltd., and Dialust, to support the arguments. It also addresses the issue of additions made based on the departmental valuation report, highlighting the lack of proper inquiry by the Assessing Officer. Additionally, it covers the addition u/s 68 towards unsecured loans, stating that the addition was unjustified as the assessee proved the genuineness of the transactions. The summary provides a concise overview of the critical legal issues and arguments presented in the case.
Validity of additions made u/s 153A, 69C, 68, and 69A of the Income Tax Act. It discusses the lack of incriminating material or documents found during the search to justify additions based on the Department Valuation Officer's report. The summary cites relevant case laws, including Narula Educational Trust, Abhisar Buildwell P. Ltd., B.G.Shirke Construction Technology Pvt Ltd., and Dialust, to support the arguments. It also addresses the issue of additions made based on the departmental valuation report, highlighting the lack of proper inquiry by the Assessing Officer. Additionally, it covers the addition u/s 68 towards unsecured loans, stating that the addition was unjustified as the assessee proved the genuineness of the transactions. The summary provides a concise overview of the critical legal issues and arguments presented in the case.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
