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...
Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other company can be genuine, considering the fact that the company is an Artificial Judicial Person and the element of “natural love and affection” cannot be exist - The department made an addition under Section 50C regarding the gift of plots. The appellant argued that the transfer of property act allows for such gifts, and cited relevant legal provisions and case law. The appellate tribunal upheld the appellant's contention, deleting the addition made by the Assessing Officer.
Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other company can be genuine, considering the fact that the company is an Artificial Judicial Person and the element of “natural love and affection” cannot be exist - The department made an addition under Section 50C regarding the gift of plots. The appellant argued that the transfer of property act allows for such gifts, and cited relevant legal provisions and case law. The appellate tribunal upheld the appellant's contention, deleting the addition made by the Assessing Officer.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
