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...
The ITAT Ahmedabad ruled on various tax issues. It upheld that Foreign Exchange Fluctuation Gain is capital in nature. Deduction u/s 10B was denied as sales consideration wasn't received timely. MAT computation didn't require adding back provision for bad debts. Leave encashment deduction was disallowed u/s 43B. Disallowance u/s 14A r.w.r. 8D was confirmed based on partnership firm investments. TP Adjustment for Corporate Guarantee was upheld. Weighted deduction u/s 35(2AB) was allowed as DSIR certification wasn't mandatory for in-house R&D expenses. The assessee succeeded in its appeal.
The ITAT Ahmedabad ruled on various tax issues. It upheld that Foreign Exchange Fluctuation Gain is capital in nature. Deduction u/s 10B was denied as sales consideration wasn't received timely. MAT computation didn't require adding back provision for bad debts. Leave encashment deduction was disallowed u/s 43B. Disallowance u/s 14A r.w.r. 8D was confirmed based on partnership firm investments. TP Adjustment for Corporate Guarantee was upheld. Weighted deduction u/s 35(2AB) was allowed as DSIR certification wasn't mandatory for in-house R&D expenses. The assessee succeeded in its appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
