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...
Dishonor of cheque case - accused acquitted - rebuttal of presumption u/ss 118 and 139 of NI Act. Appellate Court has wide powers to re-appreciate evidence in appeal against acquittal but must exercise caution as presumption of innocence strengthened by acquittal order. Supreme Court guidelines on appeals against acquittal followed. Respondent's defense found plausible - cheque given for investment, not loan. Petitioner failed to substantiate Rs. 14 lacs loan claim. Presumption u/s 114 Evidence Act applied against Petitioner for non-production of accounts. No infirmity found in Appellate Court's findings based on preponderance of probabilities. Leave to appeal dismissed.
Dishonor of cheque case - accused acquitted - rebuttal of presumption u/ss 118 and 139 of NI Act. Appellate Court has wide powers to re-appreciate evidence in appeal against acquittal but must exercise caution as presumption of innocence strengthened by acquittal order. Supreme Court guidelines on appeals against acquittal followed. Respondent's defense found plausible - cheque given for investment, not loan. Petitioner failed to substantiate Rs. 14 lacs loan claim. Presumption u/s 114 Evidence Act applied against Petitioner for non-production of accounts. No infirmity found in Appellate Court's findings based on preponderance of probabilities. Leave to appeal dismissed.
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TaxTMI 
TaxTMI 
of 4915 
