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 the assessment order under section 153C, rejecting the assessee's challenge to the satisfaction note. The tribunal found the satisfaction note valid, as it correctly recorded the seized documents' relevance to the assessment year. The tribunal also confirmed the addition of unexplained cash receipt under section 69A, dismissing the assessee's contentions about the seized documents being inadmissible. The tribunal held that the seized document showing a cash receipt of Rs. 1,30,50,000 was genuine and taxable, despite the assessee's claims of deal cancellation and lack of corroborative evidence. Consequently, the appeal was dismissed, maintaining the original assessment order and additional tax liability.
ITAT upheld the assessment order under section 153C, rejecting the assessee's challenge to the satisfaction note. The tribunal found the satisfaction note valid, as it correctly recorded the seized documents' relevance to the assessment year. The tribunal also confirmed the addition of unexplained cash receipt under section 69A, dismissing the assessee's contentions about the seized documents being inadmissible. The tribunal held that the seized document showing a cash receipt of Rs. 1,30,50,000 was genuine and taxable, despite the assessee's claims of deal cancellation and lack of corroborative evidence. Consequently, the appeal was dismissed, maintaining the original assessment order and additional tax liability.
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TaxTMI 
TaxTMI 
of 4916 
