Saturday, July 7, 2018

AO to explain reasons for rejecting profit shown by assessee u/s 80-IA from audited accounts; SLP dismissed

IT: High Court held that in terms of proviso to section 80-IA(8), Assessing Officer has to explain clearly why he is rejecting profit shown by assessee from audited accounts of assessee; SLP against said decision dismissed

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

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

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...