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...
Benefit u/s 11(1A) - Once the AO has accepted the plea that transfer took place in AY 2008-09 and assessed income under long term capital gains in the hands of Assessee, the ITAT correctly concluded that it cannot be said that the possession was not transferred in AY 2008-09. Once legal possession has been handed over by Assessee only in 2008-09 then it is presumed and accepted that the said capital asset was held by Assessee trust wholly for charitable purposes till the date of its sale. - High court dismissed the revenue appeal.
Benefit u/s 11(1A) - Once the AO has accepted the plea that transfer took place in AY 2008-09 and assessed income under long term capital gains in the hands of Assessee, the ITAT correctly concluded that it cannot be said that the possession was not transferred in AY 2008-09. Once legal possession has been handed over by Assessee only in 2008-09 then it is presumed and accepted that the said capital asset was held by Assessee trust wholly for charitable purposes till the date of its sale. - High court dismissed the revenue appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
