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 declared cash deposit of Rs. 42 lacs during demonetization period as income. AO made another addition u/s 69A for same amount, treating it as unexplained money and levied tax u/s 115BBE, resulting in double taxation of same income. ITAT held that AO's action of making addition over and above income declared by assessee is wrong and against provisions of Act. Since assessee had already offered cash deposit as income, no separate addition could be made. Appeal allowed.
Assessee declared cash deposit of Rs. 42 lacs during demonetization period as income. AO made another addition u/s 69A for same amount, treating it as unexplained money and levied tax u/s 115BBE, resulting in double taxation of same income. ITAT held that AO's action of making addition over and above income declared by assessee is wrong and against provisions of Act. Since assessee had already offered cash deposit as income, no separate addition could be made. Appeal allowed.
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TaxTMI 
TaxTMI 
of 4915 
