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...
CIT(A) deleted addition of interest income, accepting assessee's audited accounts following mercantile system. ITAT upheld CIT(A)'s order, allowing assessee to recognize interest income based on actual receipts as per AS-9 due to uncertainty from NCLAT proceedings involving borrowers RGPPL and KLNG undergoing OTS. Assessee being government entity, accounts approved by CAG audit. ITAT relied on MMTC Ltd. case, holding AS-9 appropriate for revenue recognition under uncertainty. AO failed to establish assessee received impugned interest during the year.
CIT(A) deleted addition of interest income, accepting assessee's audited accounts following mercantile system. ITAT upheld CIT(A)'s order, allowing assessee to recognize interest income based on actual receipts as per AS-9 due to uncertainty from NCLAT proceedings involving borrowers RGPPL and KLNG undergoing OTS. Assessee being government entity, accounts approved by CAG audit. ITAT relied on MMTC Ltd. case, holding AS-9 appropriate for revenue recognition under uncertainty. AO failed to establish assessee received impugned interest during the year.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
