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...
Relief under s.54 was allowable despite a prior joint development arrangement and demolition, because the "transfer" was treated as occurring on execution of the later conveyances, and reinvestment in a residential house within the statutory window satisfied s.54(1); consequently, denial on the ground that the property had been demolished earlier was set aside. Deposit under the Capital Gains Accounts Scheme under s.54(2) was held inapplicable where the assessee had actually reinvested within time, and s.54 was not deniable merely because no "house property" income was returned, since the test is whether such income was assessable; relief under s.54 was granted. An alternate claim under s.54F was rejected for want of a properly pleaded claim and supporting facts; denial under s.54F was upheld - HC
Relief under s.54 was allowable despite a prior joint development arrangement and demolition, because the "transfer" was treated as occurring on execution of the later conveyances, and reinvestment in a residential house within the statutory window satisfied s.54(1); consequently, denial on the ground that the property had been demolished earlier was set aside. Deposit under the Capital Gains Accounts Scheme under s.54(2) was held inapplicable where the assessee had actually reinvested within time, and s.54 was not deniable merely because no "house property" income was returned, since the test is whether such income was assessable; relief under s.54 was granted. An alternate claim under s.54F was rejected for want of a properly pleaded claim and supporting facts; denial under s.54F was upheld - HC
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