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 partially allowed the assessee's appeal regarding deduction u/s 80JJA and expenses allocation u/s 14A. The Tribunal directed the AO to re-examine the five-year deduction period for bio-fertilizer business and verify asset and expense allocations between agricultural and non-agricultural activities. Specifically, the Tribunal upheld proportionate allocation of employee benefit expenses, deleted finance cost allocation, and directed detailed verification of depreciation and other expenses related to agricultural operations. The appeal was allowed for statistical purposes with specific directions to the Assessing Officer for further examination and re-assessment.
ITAT partially allowed the assessee's appeal regarding deduction u/s 80JJA and expenses allocation u/s 14A. The Tribunal directed the AO to re-examine the five-year deduction period for bio-fertilizer business and verify asset and expense allocations between agricultural and non-agricultural activities. Specifically, the Tribunal upheld proportionate allocation of employee benefit expenses, deleted finance cost allocation, and directed detailed verification of depreciation and other expenses related to agricultural operations. The appeal was allowed for statistical purposes with specific directions to the Assessing Officer for further examination and re-assessment.
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TaxTMI 
TaxTMI 
of 4918 
