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 dismissed the Revenue's appeal. The assessee's cash deposits were held genuine, being directly attributable to the cash sales made in the ordinary course of trading business. The cash sales, though less than 10% of total turnover, were accepted based on confirmations from over 40 GST-registered customers. The AO's additions towards cash deposits resulted in double taxation of the same transaction after assessing the cash sales, which is impermissible. The CIT(A) rightly cancelled the additions.
The ITAT dismissed the Revenue's appeal. The assessee's cash deposits were held genuine, being directly attributable to the cash sales made in the ordinary course of trading business. The cash sales, though less than 10% of total turnover, were accepted based on confirmations from over 40 GST-registered customers. The AO's additions towards cash deposits resulted in double taxation of the same transaction after assessing the cash sales, which is impermissible. The CIT(A) rightly cancelled the additions.
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TaxTMI 
TaxTMI 
of 4916 
