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 issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute mandates following prescribed method, AO cannot deviate. Assessee discharged burden of proving identity, creditworthiness and genuineness of transactions u/s 68. Additions u/ss 68 and 56(2)(viib) deleted, assessee's appeal allowed. CIT(A) erred in enhancing income u/s 56(2)(viib) without accepting valuation report as per rules. When statute prescribes procedure, authorities must follow it.
Assessee issued shares at fair market value computed as per Rule 11UA(2), but Assessing Officer (AO) and CIT(A) rejected valuation without justification. Statute mandates following prescribed method, AO cannot deviate. Assessee discharged burden of proving identity, creditworthiness and genuineness of transactions u/s 68. Additions u/ss 68 and 56(2)(viib) deleted, assessee's appeal allowed. CIT(A) erred in enhancing income u/s 56(2)(viib) without accepting valuation report as per rules. When statute prescribes procedure, authorities must follow it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
