Thursday, September 6, 2018

AO couldn't change method of accounting which was used consistently in previous year

IT: Where project completion method had been consistently followed by assessee landowner and it had been accepted by revenue authorities in case of assessee for previous years, Assessing Officer was not justified in applying percentage completion method on assessee for one year on selective basis merely, because it had been followed by its developer

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

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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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