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 affirmed that incriminating material was found during searches of the assessee and its sub-contractors, permitting disallowance of bogus sub-contract expenses, but restricted the quantum to 12.5% of such purchase expenses. The Tribunal held s.153C inapplicable as the assessee was itself searched under s.153A and material seized from others was admissible in the s.153A assessment; denial of cross-examination of third-party witnesses was not fatal where independent corroborative evidence existed. Invocation of ss.69A, 69C and s.115BBE was deleted and s.80IA(4) deduction was allowed as claimed. Disallowance of ESOP and s.35D deductions were deleted. Assessment was held barred by limitation under s.153B.
The ITAT affirmed that incriminating material was found during searches of the assessee and its sub-contractors, permitting disallowance of bogus sub-contract expenses, but restricted the quantum to 12.5% of such purchase expenses. The Tribunal held s.153C inapplicable as the assessee was itself searched under s.153A and material seized from others was admissible in the s.153A assessment; denial of cross-examination of third-party witnesses was not fatal where independent corroborative evidence existed. Invocation of ss.69A, 69C and s.115BBE was deleted and s.80IA(4) deduction was allowed as claimed. Disallowance of ESOP and s.35D deductions were deleted. Assessment was held barred by limitation under s.153B.
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