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 upholds that the impugned addition under assessment proceedings is unsustainable. The assessee demonstrated that the disputed receipts arose from GST invoices dated 12.4.2018 and 12.5.2018, declared in GSTR-1 and reflected in an updated Form 26AS, with corresponding tax deducted at source by the payer in FY 2017-18 (AY 2018-19). The Tribunal finds the receipts were correctly offered to tax in AY 2019-20, are revenue-neutral vis-Ã -vis matching TDS, and do not pertain to the assessment year under challenge. Consequently the addition is deleted and the assessee's appeal against the AO's assessment is allowed.
ITAT upholds that the impugned addition under assessment proceedings is unsustainable. The assessee demonstrated that the disputed receipts arose from GST invoices dated 12.4.2018 and 12.5.2018, declared in GSTR-1 and reflected in an updated Form 26AS, with corresponding tax deducted at source by the payer in FY 2017-18 (AY 2018-19). The Tribunal finds the receipts were correctly offered to tax in AY 2019-20, are revenue-neutral vis-Ã -vis matching TDS, and do not pertain to the assessment year under challenge. Consequently the addition is deleted and the assessee's appeal against the AO's assessment is allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
