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...
Focus Product Scheme incentive received by the assessee was treated as a capital receipt, because the Tribunal followed its co-ordinate bench decision in the assessee's own case for the immediately succeeding year on identical facts. The Assessing Officer was directed to allow the claim accordingly. The Tribunal also noted that the assessee's additional claim ought to have been examined in appeal, and therefore granted relief by accepting the incentive as capital in nature.
Focus Product Scheme incentive received by the assessee was treated as a capital receipt, because the Tribunal followed its co-ordinate bench decision in the assessee's own case for the immediately succeeding year on identical facts. The Assessing Officer was directed to allow the claim accordingly. The Tribunal also noted that the assessee's additional claim ought to have been examined in appeal, and therefore granted relief by accepting the incentive as capital in nature.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
