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 of the property under gift - Assessment u/s 15(2) of the Gift Tax Act determining the taxable gift - The assessee or her legal heir is now contesting the ownership of the property. Looking at from general principles of law, the burden is on the assessee or her legal heir to prove that the ownership of the property vests with someone else, not the assessee. The entries in Revenue records, or the name of the assessee in Municipal Corporation, are not conclusive as regards the ownership of the property. The Tribunal, therefore, in our considered view, rightly observed that the assessee failed to place contra evidence on the ownership of the property. - HC
Valuation of the property under gift - Assessment u/s 15(2) of the Gift Tax Act determining the taxable gift - The assessee or her legal heir is now contesting the ownership of the property. Looking at from general principles of law, the burden is on the assessee or her legal heir to prove that the ownership of the property vests with someone else, not the assessee. The entries in Revenue records, or the name of the assessee in Municipal Corporation, are not conclusive as regards the ownership of the property. The Tribunal, therefore, in our considered view, rightly observed that the assessee failed to place contra evidence on the ownership of the property. - HC
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TaxTMI 
TaxTMI 
of 4915 
