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...
A related-party slump sale capital loss was disallowed because the assessee failed to prove genuineness, valuation basis and fair consideration through independent material, and the claimed loss was not supported beyond book entries. Compensation received on the departure of a key medical professional was taxed as revenue receipt because the hospital's profit-earning apparatus remained intact and the payment was linked to anticipated business loss rather than destruction of a capital source. The Tribunal also upheld deletion of interest disallowance and interest capitalisation additions on the footing that the assessee had sufficient own funds. Section 14A was held inapplicable because no exempt income was earned during the year.
A related-party slump sale capital loss was disallowed because the assessee failed to prove genuineness, valuation basis and fair consideration through independent material, and the claimed loss was not supported beyond book entries. Compensation received on the departure of a key medical professional was taxed as revenue receipt because the hospital's profit-earning apparatus remained intact and the payment was linked to anticipated business loss rather than destruction of a capital source. The Tribunal also upheld deletion of interest disallowance and interest capitalisation additions on the footing that the assessee had sufficient own funds. Section 14A was held inapplicable because no exempt income was earned during the year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
