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...
HC affirmed the ITAT's ruling, permitting the taxpayer's long-term capital gains (LTCG) deduction under Section 54F. The court determined that owning multiple residential units does not disqualify the taxpayer from claiming the deduction. The HC found no material non-disclosure by the taxpayer regarding the sale of the original asset and subsequent property purchase. The municipal corporation's property records did not evidence any intentional concealment of facts. The deduction claim was therefore upheld, rejecting the tax authority's denial based on multiple property ownership.
HC affirmed the ITAT's ruling, permitting the taxpayer's long-term capital gains (LTCG) deduction under Section 54F. The court determined that owning multiple residential units does not disqualify the taxpayer from claiming the deduction. The HC found no material non-disclosure by the taxpayer regarding the sale of the original asset and subsequent property purchase. The municipal corporation's property records did not evidence any intentional concealment of facts. The deduction claim was therefore upheld, rejecting the tax authority's denial based on multiple property ownership.
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