Tuesday, August 7, 2018

No sec. 11 relief if trustees recorded exp. on repairs of building which wasn't owned by trust

IT: Following order passed by Co-ordinate Bench of Tribunal in earlier year, order passed by AO denying exemption of income under sec.11 to assessee-trust on ground that trustees had siphoned off money by booking expenditure on repairs of building which was not owned by trust was to be upheld

from www.taxmann.com Latest Case Laws https://ift.tt/2Oj5MtZ

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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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