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 dismissed Revenue's appeal challenging CIT(A)'s order granting exemption u/s 11 to assessee trust. AO had denied exemption solely due to assessee's non-participation in assessment proceedings without examining merits. ITAT upheld CIT(A)'s admission of additional evidence under Rule 46A, finding sufficient cause for assessee's non-appearance as they were unaware of proceedings. CIT(A) correctly accepted final balance sheet as true statement of affairs, confirmed by AO's remand report showing accurate bank balances. Addition of loans deleted as they represented genuine outstanding bank balances verified through bank statements. Penalty u/s 271(1)(c) appropriately deleted following deletion of substantive additions. Revenue failed to controvert factual findings establishing assessee's entitlement to exemption and genuineness of transactions.
ITAT dismissed Revenue's appeal challenging CIT(A)'s order granting exemption u/s 11 to assessee trust. AO had denied exemption solely due to assessee's non-participation in assessment proceedings without examining merits. ITAT upheld CIT(A)'s admission of additional evidence under Rule 46A, finding sufficient cause for assessee's non-appearance as they were unaware of proceedings. CIT(A) correctly accepted final balance sheet as true statement of affairs, confirmed by AO's remand report showing accurate bank balances. Addition of loans deleted as they represented genuine outstanding bank balances verified through bank statements. Penalty u/s 271(1)(c) appropriately deleted following deletion of substantive additions. Revenue failed to controvert factual findings establishing assessee's entitlement to exemption and genuineness of transactions.
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TaxTMI 
TaxTMI 
of 4915 
