Tuesday, July 31, 2018

AO was justified in reopening assessment as assessee allegedly received accommodation entries from shell Co.

IT : Where AO initiated reassessment proceedings on basis of information supplied by Investigation Wing that assessee received accommodation entries in form of share capital and share premium from paper/shell companies, validity of said proceedings deserved to be upheld

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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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