Monday, July 9, 2018

No reassessment to deny loss on sale of property merely because capital gain was shown by another co-owner

IT: Where AO accepted loss declared by assessee on sale of immovable property in which she was one of co-owners, he could not reopen assessment subsequently on ground that in case of another co-sharer of same property, Assessing Officer had disputed value and referred question to DVO and, on basis of valuation so presented, he had computed certain capital gain

from www.taxmann.com Latest Case Laws https://ift.tt/2zltOC3

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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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