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...
Where a draft assessment order is issued within the prescribed period, final assessment timing pursuant to DRP directions follows the specific statutory limits rather than the general assessment limitation. Tax computation must give effect to allowed brought-forward losses and unabsorbed depreciation, subject to verification against duplicate relief. RPM is appropriate for unaltered goods resold to independent customers where reliable gross-profit data and functional comparability exist; operating profit or loss alone does not disqualify a trading comparable. The other method can combine justified NAV and DCF valuations, and a deemed international transaction does not establish associated-enterprise status for secondary adjustment, which requires the actual relationship.
Where a draft assessment order is issued within the prescribed period, final assessment timing pursuant to DRP directions follows the specific statutory limits rather than the general assessment limitation. Tax computation must give effect to allowed brought-forward losses and unabsorbed depreciation, subject to verification against duplicate relief. RPM is appropriate for unaltered goods resold to independent customers where reliable gross-profit data and functional comparability exist; operating profit or loss alone does not disqualify a trading comparable. The other method can combine justified NAV and DCF valuations, and a deemed international transaction does not establish associated-enterprise status for secondary adjustment, which requires the actual relationship.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
