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...
Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period interest, the court affirmed the assessee's method of accounting, relying on previous decisions that allowed such deduction without resulting in revenue loss. On FCDs issue expenses, the court sided with the assessee, citing precedents that categorized such expenses as revenue expenditure eligible for deduction, rejecting the revenue department's contention that the intention was to increase capital. The court's decisions upheld the assessee's claims on both issues against the revenue authorities' objections.
Deduction of broken period interest paid on securities and deduction of expenditure incurred on the issue of Fully Convertible Debentures (FCDs). Regarding broken period interest, the court affirmed the assessee's method of accounting, relying on previous decisions that allowed such deduction without resulting in revenue loss. On FCDs issue expenses, the court sided with the assessee, citing precedents that categorized such expenses as revenue expenditure eligible for deduction, rejecting the revenue department's contention that the intention was to increase capital. The court's decisions upheld the assessee's claims on both issues against the revenue authorities' objections.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
