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...
Capital-gains computation for a constructed flat sold with an undivided land share must consider credible evidence of both land and construction cost. A registered conveyance is not necessarily conclusive where contemporaneous agreements and housing-finance disbursement, repayment and closure records substantiate construction expenditure. The capital-gains addition was deleted, with recomputation required after allowing the substantiated construction cost and applicable indexation. Reassessment based on property-sale information and non-filing of a return was sustained after notice and prescribed procedure. The unexplained-payment issue involving non-residents remained for determination because the available record lacked transaction details and supporting evidence.
Capital-gains computation for a constructed flat sold with an undivided land share must consider credible evidence of both land and construction cost. A registered conveyance is not necessarily conclusive where contemporaneous agreements and housing-finance disbursement, repayment and closure records substantiate construction expenditure. The capital-gains addition was deleted, with recomputation required after allowing the substantiated construction cost and applicable indexation. Reassessment based on property-sale information and non-filing of a return was sustained after notice and prescribed procedure. The unexplained-payment issue involving non-residents remained for determination because the available record lacked transaction details and supporting evidence.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
