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...
Deduction and computation of profits from the business of distribution of feature films under Rule 9B turned on whether computation could be made without maintained books of account. Rule 9B(5) was held mandatory, requiring that income be computed on the basis of the assessee's books, and the conditions in Rule 9B(5)(a)(i)-(iii) operate subject to the requirement of maintaining such books. Since the assessee admittedly failed to maintain books, the authority held that other evidences could only supplement, not substitute, the books for computation, and therefore rejected computation based on alternate material, deciding the issue in favour of the Revenue. - HC
Deduction and computation of profits from the business of distribution of feature films under Rule 9B turned on whether computation could be made without maintained books of account. Rule 9B(5) was held mandatory, requiring that income be computed on the basis of the assessee's books, and the conditions in Rule 9B(5)(a)(i)-(iii) operate subject to the requirement of maintaining such books. Since the assessee admittedly failed to maintain books, the authority held that other evidences could only supplement, not substitute, the books for computation, and therefore rejected computation based on alternate material, deciding the issue in favour of the Revenue. - HC
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
