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...
Section 80-IA(4) permits deduction for enterprises that only develop infrastructure facilities; development-only enterprises fall within the provision and are eligible for deduction. Whether an assessee is a developer or merely a works contractor depends on the contractual and factual matrix-labels and periodic payments do not automatically disqualify developer status. Relevant factors include allocation of financial, operational and executional risks, engagement in planning/design/execution, and deployment of assets and personnel; on such facts an entity qualifies as a developer. Handing over possession of the completed facility to the government qualifies as a 'transfer' for the provision's purposes, satisfying the transfer requirement.
Section 80-IA(4) permits deduction for enterprises that only develop infrastructure facilities; development-only enterprises fall within the provision and are eligible for deduction. Whether an assessee is a developer or merely a works contractor depends on the contractual and factual matrix-labels and periodic payments do not automatically disqualify developer status. Relevant factors include allocation of financial, operational and executional risks, engagement in planning/design/execution, and deployment of assets and personnel; on such facts an entity qualifies as a developer. Handing over possession of the completed facility to the government qualifies as a 'transfer' for the provision's purposes, satisfying the transfer requirement.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
