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 claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
Assessee claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
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TaxTMI 
TaxTMI 
of 4915 
