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 reopening of assessment u/s 147 as the assessee had not disclosed a savings bank account with cash deposits of Rs. 13,20,535, providing prima facie reason. 25% of the cash deposits were treated as the assessee's income in absence of evidence for source. The CIT(A)'s estimation of 8% profit on turnover was upheld as the assessee did not disclose all credit entries. Penalty u/s 271B for failure to get accounts audited was upheld as the assessee could not establish reasonable cause, having shown lower turnover to avoid audit.
The ITAT upheld the reopening of assessment u/s 147 as the assessee had not disclosed a savings bank account with cash deposits of Rs. 13,20,535, providing prima facie reason. 25% of the cash deposits were treated as the assessee's income in absence of evidence for source. The CIT(A)'s estimation of 8% profit on turnover was upheld as the assessee did not disclose all credit entries. Penalty u/s 271B for failure to get accounts audited was upheld as the assessee could not establish reasonable cause, having shown lower turnover to avoid audit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
