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...
Treatment of income surrendered during the survey - income subject to special rate of tax OR Business income - provisions of section 115BBE without allowing set off of expenses or any allowance or set off of losses of earlier year, w.e.f. 1.4.2017 is in prospective in nature and not applicable to earlier years - in present case, the surrender had been made on account of undisclosed debtors hence will be treated as business income
Treatment of income surrendered during the survey - income subject to special rate of tax OR Business income - provisions of section 115BBE without allowing set off of expenses or any allowance or set off of losses of earlier year, w.e.f. 1.4.2017 is in prospective in nature and not applicable to earlier years - in present case, the surrender had been made on account of undisclosed debtors hence will be treated as business income
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
