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...
In a case concerning LTCG on sale of inherited agricultural land, the ITAT determined that the appropriate cost of acquisition as on 01.04.1981 should be Rs. 150 per sq. yard, calculated by applying a 57% increase to the 1962 value of Rs. 85. The AO was directed to recalculate the indexed cost accordingly. Regarding deduction u/s 54F, the Tribunal allowed the assessee's claim for property purchased in his widowed mother's name, noting the peculiar inheritance circumstances. The Tribunal recognized that under Hindu Succession Act principles, apportioning the sale consideration would result in tax neutrality since the mother's portion was invested in property qualifying for deduction u/s 54F. The assessee's appeal was partly allowed.
In a case concerning LTCG on sale of inherited agricultural land, the ITAT determined that the appropriate cost of acquisition as on 01.04.1981 should be Rs. 150 per sq. yard, calculated by applying a 57% increase to the 1962 value of Rs. 85. The AO was directed to recalculate the indexed cost accordingly. Regarding deduction u/s 54F, the Tribunal allowed the assessee's claim for property purchased in his widowed mother's name, noting the peculiar inheritance circumstances. The Tribunal recognized that under Hindu Succession Act principles, apportioning the sale consideration would result in tax neutrality since the mother's portion was invested in property qualifying for deduction u/s 54F. The assessee's appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
