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...
ITAT upheld CIT(A)'s deletion of multiple additions made against the assessee regarding unaccounted money lending, payments, jewellery, and chit fund transactions. The tribunal found that substantive additions were correctly made in M/s Bulland Buildtech Pvt. Ltd.'s hands, not the assessee's. Ancestral jewellery was within CBDT prescribed limits. Personal expenditure was justified from own funds without evidence of undisclosed income. Cash balance of Rs. 1,62,000 was properly declared. Payments related to M/s Bulland Leasing and Finance Ltd. for AY 2007-08 couldn't be added in AY 2011-12. Revenue's appeals were dismissed due to tax effects below monetary limits per CBDT Circular No.17/2019. All grounds raised by revenue were rejected, ruling in assessee's favor.
ITAT upheld CIT(A)'s deletion of multiple additions made against the assessee regarding unaccounted money lending, payments, jewellery, and chit fund transactions. The tribunal found that substantive additions were correctly made in M/s Bulland Buildtech Pvt. Ltd.'s hands, not the assessee's. Ancestral jewellery was within CBDT prescribed limits. Personal expenditure was justified from own funds without evidence of undisclosed income. Cash balance of Rs. 1,62,000 was properly declared. Payments related to M/s Bulland Leasing and Finance Ltd. for AY 2007-08 couldn't be added in AY 2011-12. Revenue's appeals were dismissed due to tax effects below monetary limits per CBDT Circular No.17/2019. All grounds raised by revenue were rejected, ruling in assessee's favor.
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TaxTMI 
TaxTMI 
of 4915 
