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 dismissed the assessee's appeal, rejecting the claim for full expenditure deduction related to exhibition expenses. The tribunal determined that while brand promotion was involved, the entire expenditure cannot be claimed due to the separate entity principle. The court reasonably allowed 25% of expenses, which was more favorable than the assessee's 10% profit share, emphasizing the subjective nature of determining indirect benefits based on specific case facts and commercial context.
ITAT dismissed the assessee's appeal, rejecting the claim for full expenditure deduction related to exhibition expenses. The tribunal determined that while brand promotion was involved, the entire expenditure cannot be claimed due to the separate entity principle. The court reasonably allowed 25% of expenses, which was more favorable than the assessee's 10% profit share, emphasizing the subjective nature of determining indirect benefits based on specific case facts and commercial context.
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TaxTMI 
TaxTMI 
of 4915 
