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...
Taxability of interest income earned prior to commencement of business - because the shareholder of the company was in a position to pass resolution or issue any letter, it cannot change the character of the source of the income - interest earned from the Bank deposits is to be assessed as income from other sources and it cannot be set off against the capital expenditure
Taxability of interest income earned prior to commencement of business - because the shareholder of the company was in a position to pass resolution or issue any letter, it cannot change the character of the source of the income - interest earned from the Bank deposits is to be assessed as income from other sources and it cannot be set off against the capital expenditure
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
