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 utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration for new house exceeded sale consideration received on transfer of immovable property. Appellate Tribunal directed Assessing Officer to recompute taxable total income by allowing deduction u/s 54 for investment in new residential house property against capital gains from sale of immovable property, despite assessee's failure to file return of income initially.
Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration for new house exceeded sale consideration received on transfer of immovable property. Appellate Tribunal directed Assessing Officer to recompute taxable total income by allowing deduction u/s 54 for investment in new residential house property against capital gains from sale of immovable property, despite assessee's failure to file return of income initially.
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TaxTMI 
TaxTMI 
of 4915 
