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...
Assessee's intention was to hold landed property as investment, not for trade. Revenue failed to prove by reliable evidence that assessee indulged in activities typical of real estate traders like plotting, consolidation, obtaining permits, etc. Mere profit on sale cannot treat transaction as adventure in nature of trade. Disposal of investment property is capital gain, not business income. ITAT rightly held assessee's activities were on capital account based on facts and circumstances. Decided in assessee's favor.
Assessee's intention was to hold landed property as investment, not for trade. Revenue failed to prove by reliable evidence that assessee indulged in activities typical of real estate traders like plotting, consolidation, obtaining permits, etc. Mere profit on sale cannot treat transaction as adventure in nature of trade. Disposal of investment property is capital gain, not business income. ITAT rightly held assessee's activities were on capital account based on facts and circumstances. Decided in assessee's favor.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
