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...
Exemption u/s 11 - Charitable activity u/s 2(15) - receipts under the heads ‘Revenue from test laboratory ‘and ‘consultancy receipts ‘ - Commercial activity or not - The intent of such activities is not to earn profit for its shareholders/owners. Consequently, this Court is in agreement with the findings of the CIT (A) and ITAT that the assessee-association does not carry on any business, trade or commerce with the intent of earning profit. - HC
Exemption u/s 11 - Charitable activity u/s 2(15) - receipts under the heads ‘Revenue from test laboratory ‘and ‘consultancy receipts ‘ - Commercial activity or not - The intent of such activities is not to earn profit for its shareholders/owners. Consequently, this Court is in agreement with the findings of the CIT (A) and ITAT that the assessee-association does not carry on any business, trade or commerce with the intent of earning profit. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
