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...
Nature of Payment - Construction Activities and Taxability - relinquishment of trusteeship - Another set of appeals revolved around payments made to erstwhile trustees for construction activities and whether these amounts were genuinely for construction or disguised payments for relinquishing trusteeship. The Tribunal had found construction activity to be genuine and the payments for construction not taxable as income from the relinquishment of trusteeship. The High Court upheld the Tribunal's decision, finding no reason to interfere, particularly noting the reliance on audited balance sheets and TDS payments.
Nature of Payment - Construction Activities and Taxability - relinquishment of trusteeship - Another set of appeals revolved around payments made to erstwhile trustees for construction activities and whether these amounts were genuinely for construction or disguised payments for relinquishing trusteeship. The Tribunal had found construction activity to be genuine and the payments for construction not taxable as income from the relinquishment of trusteeship. The High Court upheld the Tribunal's decision, finding no reason to interfere, particularly noting the reliance on audited balance sheets and TDS payments.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
