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...
Valuation - exclusion of reimbursement of expenses - The reply does not contain the bifurcation of the amounts liable to service tax and the reimbursable expenses, which are excludible. In the absence of such details, the Assessing Officer cannot be faulted in having brought to tax the entire amount. It is thus appropriate that the petitioner file statutory appeals in order that these factual aspects may be looked into. - HC
Valuation - exclusion of reimbursement of expenses - The reply does not contain the bifurcation of the amounts liable to service tax and the reimbursable expenses, which are excludible. In the absence of such details, the Assessing Officer cannot be faulted in having brought to tax the entire amount. It is thus appropriate that the petitioner file statutory appeals in order that these factual aspects may be looked into. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
