Monday, July 9, 2018

HC deleted additions made on basis of seized doc. on real estate developer as profits were on projected basis

IT : Where in case of assessee engaged in business of real estate development, a search was conducted and certain documents were seized, addition could not be made in respect of those deals which fell through and documents themselves suggested that profits were shown on projected basis

from www.taxmann.com Latest Case Laws https://ift.tt/2m1WJl7

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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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