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...
Extensive renovation expenditure on leased premises - capital or revenue - in view of Explanation 1 to Section 32, it has become immaterial as to whether the assessee is the owner of the building or the lessee and there is no scope left for any interpretation since the assessee is treated as the owner of the building for the period of their occupation - CIT(A) and ITAT wrongly allowed it as revenue expenditure - to be treated as capital expenditure
Extensive renovation expenditure on leased premises - capital or revenue - in view of Explanation 1 to Section 32, it has become immaterial as to whether the assessee is the owner of the building or the lessee and there is no scope left for any interpretation since the assessee is treated as the owner of the building for the period of their occupation - CIT(A) and ITAT wrongly allowed it as revenue expenditure - to be treated as capital expenditure
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
