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 sustains taxation of unaccounted brokerage and commissions in part: brokerage income of Rs. 11,500 and commission on interest are held exigible; of the aggregate additions made by AO, net addition of Rs. 42,850 is sustained and the remaining additions are deleted. The assessee's claim of expenses (Rs. 7,33,440) lacked documentary support and is disallowed, but ITAT directs allowance of reasonable expenditure by deeming 75% of such receipts as deductible business expenditure, thereby taxing 25% as net income. Grounds raised by the assessee are partly allowed and partly dismissed accordingly; assessment is restored to the extent specified for computation.
ITAT sustains taxation of unaccounted brokerage and commissions in part: brokerage income of Rs. 11,500 and commission on interest are held exigible; of the aggregate additions made by AO, net addition of Rs. 42,850 is sustained and the remaining additions are deleted. The assessee's claim of expenses (Rs. 7,33,440) lacked documentary support and is disallowed, but ITAT directs allowance of reasonable expenditure by deeming 75% of such receipts as deductible business expenditure, thereby taxing 25% as net income. Grounds raised by the assessee are partly allowed and partly dismissed accordingly; assessment is restored to the extent specified for computation.
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TaxTMI 
TaxTMI 
of 4916 
