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...
Capital gain computation - disallowance of interest on housing loan which has been claimed as part cost of acquisition - The ITAT upheld the CIT(A)'s decision, agreeing that the interest payment did not have a direct nexus with the acquisition of the property and, therefore, could not be included in the cost of acquisition for calculating LTCG.
Capital gain computation - disallowance of interest on housing loan which has been claimed as part cost of acquisition - The ITAT upheld the CIT(A)'s decision, agreeing that the interest payment did not have a direct nexus with the acquisition of the property and, therefore, could not be included in the cost of acquisition for calculating LTCG.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
