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 CIT(A)'s approach that only the profit element embedded in alleged bogus purchases of yarn and cloth is exigible to tax, not the entire supplier payments. The Tribunal found the estimation of the taxable profit at 12.5% of purchases to be fair and reasonable and refused any further addition. With respect to alleged on-money paid on acquisition of immovable property, the Tribunal rejected the Revenue's reliance on a retracted survey admission under s.133A, holding such survey statements lack conclusive evidentiary value absent corroborative material; no independent evidence was produced, so the addition based solely on the survey admission was dismissed.
ITAT upheld the CIT(A)'s approach that only the profit element embedded in alleged bogus purchases of yarn and cloth is exigible to tax, not the entire supplier payments. The Tribunal found the estimation of the taxable profit at 12.5% of purchases to be fair and reasonable and refused any further addition. With respect to alleged on-money paid on acquisition of immovable property, the Tribunal rejected the Revenue's reliance on a retracted survey admission under s.133A, holding such survey statements lack conclusive evidentiary value absent corroborative material; no independent evidence was produced, so the addition based solely on the survey admission was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
