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 of interest on borrowed funds for acquisition of a commercial property was denied as business expenditure under s.36(1)(iii) because the assessee failed to establish that the property was acquired for, or actually used in, the assessee's business; the disallowance as business interest was upheld. However, since the property was not occupied for business purposes, its annual value was taxable under the head "Income from House Property," and interest on borrowing for acquisition was in principle deductible under s.24(b) against such annual value; the matter was remanded to the AO to compute annual value under s.23 and allow the corresponding s.24(b) deduction after hearing the assessee. - ITAT
Deduction of interest on borrowed funds for acquisition of a commercial property was denied as business expenditure under s.36(1)(iii) because the assessee failed to establish that the property was acquired for, or actually used in, the assessee's business; the disallowance as business interest was upheld. However, since the property was not occupied for business purposes, its annual value was taxable under the head "Income from House Property," and interest on borrowing for acquisition was in principle deductible under s.24(b) against such annual value; the matter was remanded to the AO to compute annual value under s.23 and allow the corresponding s.24(b) deduction after hearing the assessee. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4916 
