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's addition of on-money paid in cash to developer for property purchase, source unexplained, was based on data from third party's search and third party's confession before Settlement Commission. ITAT held third party's data and confession alone insufficient to make addition against assessee without corroborative evidence, given assessee's complete denial. Assessee should have been given opportunity to cross-examine builder who admitted receiving on-money. Addition of on-money paid unsustainable, decided in assessee's favor.
Assessee's addition of on-money paid in cash to developer for property purchase, source unexplained, was based on data from third party's search and third party's confession before Settlement Commission. ITAT held third party's data and confession alone insufficient to make addition against assessee without corroborative evidence, given assessee's complete denial. Assessee should have been given opportunity to cross-examine builder who admitted receiving on-money. Addition of on-money paid unsustainable, decided in assessee's favor.
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TaxTMI 
TaxTMI 
of 4916 
