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...
Cash deposits in bank accounts were challenged by AO under section 69A as unexplained. Assessee demonstrated deposits originated from legitimate cash sales recorded in books of account, with complete documentation of purchases, sales, and inventory details. ITAT held that since individual cash transactions were below Rs. 2 lakh threshold, no customer PAN details were required. The tribunal accepted assessee's explanation that deposits during April-May 2019 were from regular business operations. CIT(A)/NFAC's reasoning was upheld, concluding section 69A provisions were inapplicable given proper documentation of source. Revenue's appeal dismissed as assessee successfully established nature and source of deposits through verifiable business records.
Cash deposits in bank accounts were challenged by AO under section 69A as unexplained. Assessee demonstrated deposits originated from legitimate cash sales recorded in books of account, with complete documentation of purchases, sales, and inventory details. ITAT held that since individual cash transactions were below Rs. 2 lakh threshold, no customer PAN details were required. The tribunal accepted assessee's explanation that deposits during April-May 2019 were from regular business operations. CIT(A)/NFAC's reasoning was upheld, concluding section 69A provisions were inapplicable given proper documentation of source. Revenue's appeal dismissed as assessee successfully established nature and source of deposits through verifiable business records.
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TaxTMI 
TaxTMI 
of 4915 
