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 dismissed the Revenue's appeal challenging deletion of additions on account of alleged bogus purchases of raw boneless meat and round tripping of funds. The assessee demonstrated that its factory premises had been leased to a third-party company, with rent payments and ledger entries substantiating that no manufacturing or trading activities were carried out by it during the relevant period. The Tribunal held that the AO had proceeded on an incorrect factual premise and that the CIT(A) had correctly appreciated the factual matrix in deleting the addition.
The ITAT dismissed the Revenue's appeal challenging deletion of additions on account of alleged bogus purchases of raw boneless meat and round tripping of funds. The assessee demonstrated that its factory premises had been leased to a third-party company, with rent payments and ledger entries substantiating that no manufacturing or trading activities were carried out by it during the relevant period. The Tribunal held that the AO had proceeded on an incorrect factual premise and that the CIT(A) had correctly appreciated the factual matrix in deleting the addition.
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TaxTMI 
TaxTMI 
of 4915 
