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...
ITAT held that indexation benefit for property acquisition shall be calculated from the allotment date (3/12/2010), allowing cost indexation based on payments made during financial year 2010-11. The tribunal determined the property's acquisition date as the allotment letter date, permitting the assessee to claim indexed cost of acquisition. Additionally, the tribunal allowed brought forward long-term capital losses to be set off against long-term capital gains, noting no substantive reason existed to deny the claim, particularly since prior assessment orders had not challenged similar claims. Ground raised by the assessee was consequently allowed in entirety.
ITAT held that indexation benefit for property acquisition shall be calculated from the allotment date (3/12/2010), allowing cost indexation based on payments made during financial year 2010-11. The tribunal determined the property's acquisition date as the allotment letter date, permitting the assessee to claim indexed cost of acquisition. Additionally, the tribunal allowed brought forward long-term capital losses to be set off against long-term capital gains, noting no substantive reason existed to deny the claim, particularly since prior assessment orders had not challenged similar claims. Ground raised by the assessee was consequently allowed in entirety.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
