Friday, September 7, 2018

CIT wasn't justified in setting aside assessment if derivative loss was allowed after due inquiry

IT: Where Assessing Officer after sufficient inquiry found that derivative loss claimed as a business loss by assessee was a genuine loss and allowed same as normal business loss, Commissioner (Appeals) was unjustified in setting aside assessment order on ground that no inquiry was made

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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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