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...
AO made addition u/s 69A treating assessee's cash deposits during demonetization period as unexplained income on assumption of inflated/bogus sales without any cogent evidence. ITAT allowed assessee's appeal holding that AO cannot calculate sales hypothetically ignoring VAT returns, purchase bills, quantitative details etc. once sales were accepted and no deficiency pointed out in books of account. Mere substantial increase in turnover during demonetization without evidence of bogus sales is insufficient for addition.
AO made addition u/s 69A treating assessee's cash deposits during demonetization period as unexplained income on assumption of inflated/bogus sales without any cogent evidence. ITAT allowed assessee's appeal holding that AO cannot calculate sales hypothetically ignoring VAT returns, purchase bills, quantitative details etc. once sales were accepted and no deficiency pointed out in books of account. Mere substantial increase in turnover during demonetization without evidence of bogus sales is insufficient for addition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
