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 appeals, set aside the CIT(A)'s orders and directed the AO to delete contested additions. The Tribunal held the impugned addition resulting in double taxation unsustainable because the assessee had suo motu disclosed and offered the amounts under appropriate heads. The adhoc 50% disallowance of motor car lease and maintenance was quashed for lack of findings and reliance on conjecture rather than evidentiary record (logbook/use), and the notional interest addition on interest-free advances was deleted given the assessee's demonstrable availability of interest-free funds and absence of basis for imputing interest. All grounds were allowed and remitted for deletion.
The ITAT allowed the assessee's appeals, set aside the CIT(A)'s orders and directed the AO to delete contested additions. The Tribunal held the impugned addition resulting in double taxation unsustainable because the assessee had suo motu disclosed and offered the amounts under appropriate heads. The adhoc 50% disallowance of motor car lease and maintenance was quashed for lack of findings and reliance on conjecture rather than evidentiary record (logbook/use), and the notional interest addition on interest-free advances was deleted given the assessee's demonstrable availability of interest-free funds and absence of basis for imputing interest. All grounds were allowed and remitted for deletion.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
