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 upheld CIT(A)'s deletion of disallowances for material and plot development expenses totaling Rs. 4,51,00,181, finding that common expenditure was legitimately borne by RNTC under development agreement, while assessee incurred specific plot development costs recoverable at Rs. 100 per sq. meter from plot owners. However, ITAT reversed CIT(A) regarding commission/brokerage expense disallowance, ruling that since land ownership vested with RNTC under development agreement, commission for individual plot sales should be borne by RNTC, not assessee. AO's action disallowing commission expense and reducing capitalized closing stock was upheld. Revenue's appeal partially allowed.
ITAT upheld CIT(A)'s deletion of disallowances for material and plot development expenses totaling Rs. 4,51,00,181, finding that common expenditure was legitimately borne by RNTC under development agreement, while assessee incurred specific plot development costs recoverable at Rs. 100 per sq. meter from plot owners. However, ITAT reversed CIT(A) regarding commission/brokerage expense disallowance, ruling that since land ownership vested with RNTC under development agreement, commission for individual plot sales should be borne by RNTC, not assessee. AO's action disallowing commission expense and reducing capitalized closing stock was upheld. Revenue's appeal partially allowed.
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TaxTMI 
TaxTMI 
of 4916 
