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 set aside the Ld. CIT(E)'s refusal to grant approval under s. 80G(5) and remitted the matter for fresh consideration, holding that the mere presence of an object concerning propagation of Sanathan Dharm or knowledge of deities is not per se substantially religious so as to disentitle the appellant. The Tribunal directed the Ld. CIT(E) to ascertain whether the appellant expended in excess of the statutory 5% limit on religious activities (per s. 80G(5B)); if no excess expenditure is found and other statutory conditions are satisfied, approval under s. 80G(5) must be granted. The appeal is allowed for statistical purposes.
The ITAT set aside the Ld. CIT(E)'s refusal to grant approval under s. 80G(5) and remitted the matter for fresh consideration, holding that the mere presence of an object concerning propagation of Sanathan Dharm or knowledge of deities is not per se substantially religious so as to disentitle the appellant. The Tribunal directed the Ld. CIT(E) to ascertain whether the appellant expended in excess of the statutory 5% limit on religious activities (per s. 80G(5B)); if no excess expenditure is found and other statutory conditions are satisfied, approval under s. 80G(5) must be granted. The appeal is allowed for statistical purposes.
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TaxTMI 
TaxTMI 
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