Thursday, July 26, 2018

Govt. Co. which isn't working for profit isn't comparable to a Pvt. Export Co.

IT/ILT : Company being a Government enterprise is not comparable with a private business service provider because in case of Government enterprises profit motive is not relevant consideration, and Government companies work for other public sector undertakings and in that sense related party transactions are much more than filter of 25 per cent

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

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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...