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...
Computation of short term capital gain - allowable expenditure u/s. 48 - management fees - The Tribunal observed that there were contradictory decisions regarding the allowability of management fees under Section 48 of the Act. Referring to precedent cases, the Tribunal noted that when two views are possible, the view favorable to the assessee should be preferred. Considering the arguments and precedents, the Tribunal allowed the appeal of the assessee.
Computation of short term capital gain - allowable expenditure u/s. 48 - management fees - The Tribunal observed that there were contradictory decisions regarding the allowability of management fees under Section 48 of the Act. Referring to precedent cases, the Tribunal noted that when two views are possible, the view favorable to the assessee should be preferred. Considering the arguments and precedents, the Tribunal allowed the appeal of the assessee.
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TaxTMI 
TaxTMI 
of 4916 
