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 addressed two key tax issues: (1) interest received on land acquisition compensation under Section 28 of the Land Acquisition Act, 1894, and (2) deduction claimed under Section 80GGB for political contributions. The tribunal remanded both matters to the Assessing Officer (AO) for detailed factual verification and re-computation. The first issue requires examination of the nature and computation of interest on enhanced compensation, while the second issue involves verifying political contributions and recalculating permissible deductions in accordance with prevailing legal provisions. Both grounds were allowed for statistical purposes, directing the AO to conduct a comprehensive review and reassessment.
The ITAT addressed two key tax issues: (1) interest received on land acquisition compensation under Section 28 of the Land Acquisition Act, 1894, and (2) deduction claimed under Section 80GGB for political contributions. The tribunal remanded both matters to the Assessing Officer (AO) for detailed factual verification and re-computation. The first issue requires examination of the nature and computation of interest on enhanced compensation, while the second issue involves verifying political contributions and recalculating permissible deductions in accordance with prevailing legal provisions. Both grounds were allowed for statistical purposes, directing the AO to conduct a comprehensive review and reassessment.
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TaxTMI 
TaxTMI 
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