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 held that interest received by the assessee on enhanced compensation consequent to compulsory acquisition does not constitute taxable income under s.56(2)(viii) read with s.145B(1); the Assessing Officer's inclusion of 50% of such interest as income was set aside. Noting divergent High Court rulings, the Tribunal, guided by prevailing Supreme Court principle favoring the assessee where conflicts exist, aligned with the decisions favorable to the assessee and allowed the appeal. Assessment treating the disputed interest as income was therefore reversed and the matter remitted/treated in accordance with this determination.
ITAT held that interest received by the assessee on enhanced compensation consequent to compulsory acquisition does not constitute taxable income under s.56(2)(viii) read with s.145B(1); the Assessing Officer's inclusion of 50% of such interest as income was set aside. Noting divergent High Court rulings, the Tribunal, guided by prevailing Supreme Court principle favoring the assessee where conflicts exist, aligned with the decisions favorable to the assessee and allowed the appeal. Assessment treating the disputed interest as income was therefore reversed and the matter remitted/treated in accordance with this determination.
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TaxTMI 
TaxTMI 
of 4915 
