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...
Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However, only income from violative investment liable to tax, not entire income. Legislature did not intend denial of Section 11 exemption for entire income. View supported by Bombay and Delhi High Court judgments. Investment by assessee in joint venture companies constituted investment in violation of Section 13(1)(d), disentitling exemption u/s 11 for income from such investment only.
Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However, only income from violative investment liable to tax, not entire income. Legislature did not intend denial of Section 11 exemption for entire income. View supported by Bombay and Delhi High Court judgments. Investment by assessee in joint venture companies constituted investment in violation of Section 13(1)(d), disentitling exemption u/s 11 for income from such investment only.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
