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...
Correct head of income - letting out of Hotel/Resort as running business - treatment of revenue receipts from operation of Hotel/Resort - Contract for managing the business from the said premises on a consideration of management license basis - No fixed consideration - the revenue receipts are undoubtedly income from the Business and therefore, should be treated under the head “Business Income” but not as rental income from “House Property” - AT
Correct head of income - letting out of Hotel/Resort as running business - treatment of revenue receipts from operation of Hotel/Resort - Contract for managing the business from the said premises on a consideration of management license basis - No fixed consideration - the revenue receipts are undoubtedly income from the Business and therefore, should be treated under the head “Business Income” but not as rental income from “House Property” - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
