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 Long-Term Capital Gain derived from transfer of property - Indexed cost of improvement - The Tribunal observed that the bank's loan appraisal included the consideration for further construction, indicating the genuineness of the work order and agreement. However, the Tribunal emphasized the need for the assessee to provide additional evidence, such as relevant bank statements, to substantiate the payment made for further construction. The Tribunal set aside the AO's order and directed a reexamination of the claim of indexed cost of improvement based on the work order and agreement.
Computation of Long-Term Capital Gain derived from transfer of property - Indexed cost of improvement - The Tribunal observed that the bank's loan appraisal included the consideration for further construction, indicating the genuineness of the work order and agreement. However, the Tribunal emphasized the need for the assessee to provide additional evidence, such as relevant bank statements, to substantiate the payment made for further construction. The Tribunal set aside the AO's order and directed a reexamination of the claim of indexed cost of improvement based on the work order and agreement.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
