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...
Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once the property in question is used as business asset and the exclusive business of the assessescompany or firm is to earn income by way of rental or lease money, then such rental income can be treated only as “business income of the assessee” and not as income from “house property”. - HC
Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once the property in question is used as business asset and the exclusive business of the assessescompany or firm is to earn income by way of rental or lease money, then such rental income can be treated only as “business income of the assessee” and not as income from “house property”. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
