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...
LTCG - Deduction u/s 54B - investment in the name of wife - purchase of new agricultural land - Wife of the appellant cannot be termed as an ‘assessee’ as per Section 2 (7) of the IT Act. So enlarging the scope of the assessee as defined under Section 2(7) to envelope the wife of the appellant to envelop the transaction to “exemption” would amount to superseed the legislative requirement and the spirit of the provision. - HC
LTCG - Deduction u/s 54B - investment in the name of wife - purchase of new agricultural land - Wife of the appellant cannot be termed as an ‘assessee’ as per Section 2 (7) of the IT Act. So enlarging the scope of the assessee as defined under Section 2(7) to envelope the wife of the appellant to envelop the transaction to “exemption” would amount to superseed the legislative requirement and the spirit of the provision. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
