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...
Income from Other Sources u/s 56(2) - interest received u/Sec. 28 of the Land Acquisition Act, 1894 granted by the learned Reference Court - The Tribunal agrees with the appellant's contention that interest received under Section 28 of the Land Acquisition Act is part of the land acquisition compensation itself and thus not taxable under Section 56(2) of the Income Tax Act. - The Tribunal holds that decisions of the Bombay bench of the High Court, within its territorial jurisdiction, prevail over those of the Aurangabad bench. Therefore, it upholds the appellant's argument that the Bombay bench's decision applies to the case at hand, leading to a favorable outcome for the assessee.
Income from Other Sources u/s 56(2) - interest received u/Sec. 28 of the Land Acquisition Act, 1894 granted by the learned Reference Court - The Tribunal agrees with the appellant's contention that interest received under Section 28 of the Land Acquisition Act is part of the land acquisition compensation itself and thus not taxable under Section 56(2) of the Income Tax Act. - The Tribunal holds that decisions of the Bombay bench of the High Court, within its territorial jurisdiction, prevail over those of the Aurangabad bench. Therefore, it upholds the appellant's argument that the Bombay bench's decision applies to the case at hand, leading to a favorable outcome for the assessee.
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TaxTMI 
TaxTMI 
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