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...
Depreciation on computer software allowed at 60% as software guides hardware and is integral part of hardware, following coordinate bench ruling. Sales promotion expenses not capitalized as AS-7 not applicable to developers, following precedent. Share premium addition u/s 56(2)(viib) deleted as assessee followed Rule 11UA valuation at Rs. 69.41 per share, furnished valuation report to AO, and transaction genuine without unaccounted money, relying on rulings. AO directed to recompute tax payable after giving effect to PGBP loss. Relevant legal terminology used, including sections, rules, accounting standards, and judicial precedents.
Depreciation on computer software allowed at 60% as software guides hardware and is integral part of hardware, following coordinate bench ruling. Sales promotion expenses not capitalized as AS-7 not applicable to developers, following precedent. Share premium addition u/s 56(2)(viib) deleted as assessee followed Rule 11UA valuation at Rs. 69.41 per share, furnished valuation report to AO, and transaction genuine without unaccounted money, relying on rulings. AO directed to recompute tax payable after giving effect to PGBP loss. Relevant legal terminology used, including sections, rules, accounting standards, and judicial precedents.
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TaxTMI 
TaxTMI 
of 4915 
