Monday, September 24, 2018

No penalty just because exp. claimed by assessee wasn't accepted by revenue; SC dismissed SLP

IT: SLP dismissed against High Court ruling that merely because assessee had claimed expenditure, which claim was not accepted or was not acceptable to revenue, that by itself would not attract penalty under section 271(1)(c)

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

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...