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 held that the Assessing Officer's addition of Rs. 22.25 Crore under Section 69 was unsustainable. The addition was based solely on a retracted statement by the company's director and an unverified loose sheet lacking proper authentication. Without corroborative evidence, the tribunal found no justification for the unexplained investment. The absence of corresponding additions in beneficiaries' assessments further weakened the AO's case. The CIT(A)'s deletion of the addition was upheld, and the Revenue's appeal was consequently dismissed.
ITAT held that the Assessing Officer's addition of Rs. 22.25 Crore under Section 69 was unsustainable. The addition was based solely on a retracted statement by the company's director and an unverified loose sheet lacking proper authentication. Without corroborative evidence, the tribunal found no justification for the unexplained investment. The absence of corresponding additions in beneficiaries' assessments further weakened the AO's case. The CIT(A)'s deletion of the addition was upheld, and the Revenue's appeal was consequently dismissed.
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TaxTMI 
TaxTMI 
of 4916 
