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...
The ITAT upheld the AO's treatment of relinquishment of rights under a compromise as transfer of a capital asset. The AO calculated capital gains based on the value of land received in lieu of relinquishing rights in litigation. The assessee failed to rebut the AO's findings that properties acquired by other entities were effectively received by the assessee pursuant to the compromise deed to quash criminal proceedings against a third party without the assessee paying anything. The ITAT rejected the assessee's argument of being a purchaser of the immovable property and decided against the assessee.
The ITAT upheld the AO's treatment of relinquishment of rights under a compromise as transfer of a capital asset. The AO calculated capital gains based on the value of land received in lieu of relinquishing rights in litigation. The assessee failed to rebut the AO's findings that properties acquired by other entities were effectively received by the assessee pursuant to the compromise deed to quash criminal proceedings against a third party without the assessee paying anything. The ITAT rejected the assessee's argument of being a purchaser of the immovable property and decided against the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
