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...
Gain on Assignment of Loan Obligation - whether constitutes ''income" chargeable to lax - assessee has assigned the loan by paying the present value of future liability and the surplus is not taxable as it is not cessation or extinguishment of liability u/s 41(1) - capital receipt, not chargeable to tax
Gain on Assignment of Loan Obligation - whether constitutes ''income" chargeable to lax - assessee has assigned the loan by paying the present value of future liability and the surplus is not taxable as it is not cessation or extinguishment of liability u/s 41(1) - capital receipt, not chargeable to tax
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
