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...
Deduction u/s 80IA - profit of Generation of electricity - notional income from savings in Low Sulphur Heavy Stock (LSHS) due to steam generation by the assessee's captive power plant. - The tribunal emphasized that the assessee had fully disclosed the computation of profits, including the method of valuing steam generation, which constituted an integral part of the income from the industrial undertaking. The ITAT thus upheld the assessee's claim, affirming that notional income from steam generation could be considered for deductions under Section 80IA.
Deduction u/s 80IA - profit of Generation of electricity - notional income from savings in Low Sulphur Heavy Stock (LSHS) due to steam generation by the assessee's captive power plant. - The tribunal emphasized that the assessee had fully disclosed the computation of profits, including the method of valuing steam generation, which constituted an integral part of the income from the industrial undertaking. The ITAT thus upheld the assessee's claim, affirming that notional income from steam generation could be considered for deductions under Section 80IA.
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TaxTMI 
TaxTMI 
of 4915 
