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 addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision, finding AO incorrectly treated expenses as direct, supporting Assessee's claim. CIT(A) correctly presumed investments made from interest-free funds. AO erred in not accepting Assessee's computation of disallowance, hence ITAT deleted disallowance u/s 14A. ITAT allowed Assessee's fresh claim for deduction u/s 37(1) for ERV loss, remanding for verification. ITAT upheld deduction of establishment expenses as revenue expenditure. ITAT dismissed Revenue's appeal on inclusion of ERV in inventory valuation. ITAT upheld CIT(A)'s order on Book Profits u/s 115JB and provision for Leave Encashment u/s 43B(f). ITAT supported Assessee's additional claim for ERV loss deduction, finding AO's rejection erroneous post accepting revised return.
The ITAT addressed various issues including disallowance u/s 14A r.w.r.8D, where Revenue challenged deletion of disallowance made by AO. ITAT upheld CIT(A)'s decision, finding AO incorrectly treated expenses as direct, supporting Assessee's claim. CIT(A) correctly presumed investments made from interest-free funds. AO erred in not accepting Assessee's computation of disallowance, hence ITAT deleted disallowance u/s 14A. ITAT allowed Assessee's fresh claim for deduction u/s 37(1) for ERV loss, remanding for verification. ITAT upheld deduction of establishment expenses as revenue expenditure. ITAT dismissed Revenue's appeal on inclusion of ERV in inventory valuation. ITAT upheld CIT(A)'s order on Book Profits u/s 115JB and provision for Leave Encashment u/s 43B(f). ITAT supported Assessee's additional claim for ERV loss deduction, finding AO's rejection erroneous post accepting revised return.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
