Thursday, July 19, 2018

Admitting additional income in revised return after survey won't preclude AO from levying penalty

IT: Explanation as to why there was an omission or wrong statement in original return must be due to bona fide inadvertence or bona fide mistake on part of assessee and even if assessee agreed to addition with a condition that penalty could not be imposed, department is not precluded from initiating penalty proceedings

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

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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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