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 held that the assessee is entitled to claim depreciation on business/commercial rights arising from manufacturing, supply and maintenance contracts acquired from third parties, finding the disallowance untenable in light of the jurisdictional tribunal's identical prior conclusion in the assessee's own case; accordingly the claimed depreciation is allowable. The Tribunal further held that initiation or imposition of a penalty under s. 270A for alleged under-reporting/misreporting is premature and inadmissible at this stage because any liability for penalty is consequential upon a substantive disallowance which has not been sustained.
The ITAT held that the assessee is entitled to claim depreciation on business/commercial rights arising from manufacturing, supply and maintenance contracts acquired from third parties, finding the disallowance untenable in light of the jurisdictional tribunal's identical prior conclusion in the assessee's own case; accordingly the claimed depreciation is allowable. The Tribunal further held that initiation or imposition of a penalty under s. 270A for alleged under-reporting/misreporting is premature and inadmissible at this stage because any liability for penalty is consequential upon a substantive disallowance which has not been sustained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
