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...
The ITAT allowed the assessee's appeal against additions made under section 68 read with section 115BBE regarding alleged bogus long-term capital gains. The Tribunal held that the AO's addition was untenable as it was based solely on an investigation report that was never shared with the assessee. The assessee had substantiated the legitimacy of the share transactions by providing evidence that shares were originally purchased in cash, physically delivered, later dematerialized, and eventually sold through proper channels with consideration received through banking channels. Following the precedent in Krishna Devi, the ITAT concluded that additions cannot be made merely on assumptions when transactions are properly documented through banking and demat accounts.
The ITAT allowed the assessee's appeal against additions made under section 68 read with section 115BBE regarding alleged bogus long-term capital gains. The Tribunal held that the AO's addition was untenable as it was based solely on an investigation report that was never shared with the assessee. The assessee had substantiated the legitimacy of the share transactions by providing evidence that shares were originally purchased in cash, physically delivered, later dematerialized, and eventually sold through proper channels with consideration received through banking channels. Following the precedent in Krishna Devi, the ITAT concluded that additions cannot be made merely on assumptions when transactions are properly documented through banking and demat accounts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
