Saturday, May 26, 2018

SC condoned delay in filing appeal against partial disallowance of sec. 11 claim

IT : Where assessee, a charitable trust, received gift of shares, in view of fact that assessee failed to dispose off or convert said shares into permissible investments, denial of exemption under section 13(1)(d)(iii) was to be restricted to only income earned from shares to be taxed at marginal rate under section 164(2) and not entire income of assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2xcIPVG

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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