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...
The ITAT upheld the CIT(A)'s deletion of additions made by the Assessing Officer. Regarding the addition of gross profit (GP) shown by increasing the GP rate, the ITAT found the CIT(A)'s findings logical and justified, as the GP rate was lower than the previous year's rate. On the addition u/s 69A for cash deposited in the bank account, the ITAT accepted the CIT(A)'s reliance on non-jurisdictional High Court decisions in the absence of a jurisdictional High Court order. The ITAT agreed with the CIT(A) that without evidence of bogus sales, sales from accepted purchases and stock cannot be rejected. The ITAT dismissed the Revenue's appeal on both grounds.
The ITAT upheld the CIT(A)'s deletion of additions made by the Assessing Officer. Regarding the addition of gross profit (GP) shown by increasing the GP rate, the ITAT found the CIT(A)'s findings logical and justified, as the GP rate was lower than the previous year's rate. On the addition u/s 69A for cash deposited in the bank account, the ITAT accepted the CIT(A)'s reliance on non-jurisdictional High Court decisions in the absence of a jurisdictional High Court order. The ITAT agreed with the CIT(A) that without evidence of bogus sales, sales from accepted purchases and stock cannot be rejected. The ITAT dismissed the Revenue's appeal on both grounds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
