Wednesday, October 3, 2018

AO couldn't investigate into whether unit was newly set up or reconstructed in later years for sec. 80-IC deduction

IT : Where assessee claimed deduction under section 80-IC, investigation for ascertaining if unit was newly set up or reconstructed is to be carried out in initial year; no revision is required if deduction is allowed in subsequent year(s) without such examination

from www.taxmann.com Latest Case Laws https://ift.tt/2QlRf1U

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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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