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 set aside unexplained money additions under s.69A made on cash found in possession of employee. Despite assessee's retraction from statement under s.131, initial assessment treated cash as unexplained money taxable under s.69A read with s.115BBE. Matter remanded to AO for fresh verification of assessee's claims regarding cash sales and collections. Similarly, additions for excess stock found during survey proceedings remanded for detailed examination of quantity/valuation differences. AO directed to provide opportunity to assessee to explain discrepancies. Special tax rate application under s.115BBE to be determined based on AO's fresh findings on remand. Grounds allowed for statistical purposes.
ITAT set aside unexplained money additions under s.69A made on cash found in possession of employee. Despite assessee's retraction from statement under s.131, initial assessment treated cash as unexplained money taxable under s.69A read with s.115BBE. Matter remanded to AO for fresh verification of assessee's claims regarding cash sales and collections. Similarly, additions for excess stock found during survey proceedings remanded for detailed examination of quantity/valuation differences. AO directed to provide opportunity to assessee to explain discrepancies. Special tax rate application under s.115BBE to be determined based on AO's fresh findings on remand. Grounds allowed for statistical purposes.
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