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...
Genuineness of dematerialised equity-share transactions supporting a long-term capital-gains claim depends on documentary evidence, banking-channel payments and identifiable transaction records. Where taxpayers produce such evidence, an allegation that share-sale proceeds constitute unexplained cash credit requires specific defects or rebuttal of the material. An alleged commission expenditure linked solely to the asserted bogus share-sale proceeds is consequential and cannot independently sustain disallowance where the underlying allegation fails.
Genuineness of dematerialised equity-share transactions supporting a long-term capital-gains claim depends on documentary evidence, banking-channel payments and identifiable transaction records. Where taxpayers produce such evidence, an allegation that share-sale proceeds constitute unexplained cash credit requires specific defects or rebuttal of the material. An alleged commission expenditure linked solely to the asserted bogus share-sale proceeds is consequential and cannot independently sustain disallowance where the underlying allegation fails.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
