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 dismissed the Revenue's appeal, upholding the CIT(A)'s allowance of the trust's claim for exemption under s.11 and s.12 and rejecting the AO's invocation of s.13(1)(c) to treat the trust as an AOP. The Tribunal relied on a co-ordinate bench decision setting aside the cancellation of registration under s.12A/s.12AB and directed restoration of registration; prior judicial precedent and facts on record demonstrate that the trust deed permits the challenged leasing arrangement and that the issue is no longer open to re-investigation. Consequently, the assessee retains charitable status and entitlement to exemptions for the assessment year under review; Revenue's appeal is dismissed.
The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s allowance of the trust's claim for exemption under s.11 and s.12 and rejecting the AO's invocation of s.13(1)(c) to treat the trust as an AOP. The Tribunal relied on a co-ordinate bench decision setting aside the cancellation of registration under s.12A/s.12AB and directed restoration of registration; prior judicial precedent and facts on record demonstrate that the trust deed permits the challenged leasing arrangement and that the issue is no longer open to re-investigation. Consequently, the assessee retains charitable status and entitlement to exemptions for the assessment year under review; Revenue's appeal is dismissed.
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