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 deletion of addition under section 68 regarding unexplained share application money and premium. Assessee established initial burden of proof through banking channel transactions. While AO confirmed service of section 133(6) notices to investor companies, subsequent doubts about company addresses based on IT Inspector's inquiry lacked specific inspection dates. AO failed to produce concrete evidence disproving transaction genuineness or demonstrating undisclosed income. Non-appearance of investor company directors alone insufficient to invalidate transactions. ITAT found CIT(A)'s deletion of addition justified as assessee satisfied section 68 requirements through proper documentation and banking records. Revenue's appeal dismissed.
ITAT upheld deletion of addition under section 68 regarding unexplained share application money and premium. Assessee established initial burden of proof through banking channel transactions. While AO confirmed service of section 133(6) notices to investor companies, subsequent doubts about company addresses based on IT Inspector's inquiry lacked specific inspection dates. AO failed to produce concrete evidence disproving transaction genuineness or demonstrating undisclosed income. Non-appearance of investor company directors alone insufficient to invalidate transactions. ITAT found CIT(A)'s deletion of addition justified as assessee satisfied section 68 requirements through proper documentation and banking records. Revenue's appeal dismissed.
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TaxTMI 
TaxTMI 
of 4918 
