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 SC dismissed the Special Leave Petition challenging the revision under section 263, which contended that the AO erred in not invoking section 68 read with section 115BBE on unexplained creditors and liabilities. The HC had found that the PCIT did not dispute the assessee's factual assertion that the amounts represented opening balances and genuine trade creditors, supported by adequate evidence proving source and genuineness. The SC upheld that the assessee discharged the burden of proof under section 68, and no error was found in the AO's order. Consequently, no interference was warranted, and the petition was dismissed. All pending applications were disposed of accordingly.
The SC dismissed the Special Leave Petition challenging the revision under section 263, which contended that the AO erred in not invoking section 68 read with section 115BBE on unexplained creditors and liabilities. The HC had found that the PCIT did not dispute the assessee's factual assertion that the amounts represented opening balances and genuine trade creditors, supported by adequate evidence proving source and genuineness. The SC upheld that the assessee discharged the burden of proof under section 68, and no error was found in the AO's order. Consequently, no interference was warranted, and the petition was dismissed. All pending applications were disposed of accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
