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...
Immovable asset improvement cost disallowed due to lack of evidence. Assessee failed to prove expenditure incurred for improvement. Bills primarily in name of unrelated entity to which unsecured loan advanced and interest charged. Bills not proof of assessee's expenditure for flat's improvement. Partial cost allowed based on bills in assessee's name. Disallowance upheld as assessee did not file necessary documentary evidence. Appeal dismissed.
Immovable asset improvement cost disallowed due to lack of evidence. Assessee failed to prove expenditure incurred for improvement. Bills primarily in name of unrelated entity to which unsecured loan advanced and interest charged. Bills not proof of assessee's expenditure for flat's improvement. Partial cost allowed based on bills in assessee's name. Disallowance upheld as assessee did not file necessary documentary evidence. Appeal dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
