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 examined the tax exemption claim of a statutory housing development authority under section 11. The tribunal held that statutory bodies engaged in housing and urban development are considered to be involved in "general public utility" and thus eligible for charitable status. The SC precedent in Ahmedabad Development Authority affirmed that such bodies can claim exemption despite losing previous tax benefits. The ITAT upheld CIT(A)'s direction to compute income under section 11, dismissed revenue's challenges regarding investment modes and employee benefits, and restored certain matters to the AO for detailed examination of infrastructure fund receipts and expenditure claims. The decision was ultimately rendered against the revenue.
The ITAT examined the tax exemption claim of a statutory housing development authority under section 11. The tribunal held that statutory bodies engaged in housing and urban development are considered to be involved in "general public utility" and thus eligible for charitable status. The SC precedent in Ahmedabad Development Authority affirmed that such bodies can claim exemption despite losing previous tax benefits. The ITAT upheld CIT(A)'s direction to compute income under section 11, dismissed revenue's challenges regarding investment modes and employee benefits, and restored certain matters to the AO for detailed examination of infrastructure fund receipts and expenditure claims. The decision was ultimately rendered against the revenue.
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