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...
Interest income on Inter Corporate Deposits (ICD) and Fixed Deposits (FD) treated as income under "Profits & Gains of Business or Profession" instead of "Income from Other Sources" upheld. Assessee engaged in leasing and financing business as per Memorandum of Association (MOA). Non-registration as Non-Banking Finance Company (NBFC) not a valid reason for changing head of income. Rule of consistency demands consistent treatment when accepted as business income in preceding and succeeding years. Disallowance of amortized preliminary expenses set aside, directed to allow amortization consistent with treatment in other years. Appeal partly allowed.
Interest income on Inter Corporate Deposits (ICD) and Fixed Deposits (FD) treated as income under "Profits & Gains of Business or Profession" instead of "Income from Other Sources" upheld. Assessee engaged in leasing and financing business as per Memorandum of Association (MOA). Non-registration as Non-Banking Finance Company (NBFC) not a valid reason for changing head of income. Rule of consistency demands consistent treatment when accepted as business income in preceding and succeeding years. Disallowance of amortized preliminary expenses set aside, directed to allow amortization consistent with treatment in other years. Appeal partly allowed.
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TaxTMI 
TaxTMI 
of 4916 
