Saturday, October 20, 2018

SetCom proceedings required in-depth scrutiny if no decisive opinion was formed to reject application

IT: If Settlement Commission is unable to form a decisive opinion to give a definitive finding for rejection of settlement application after initial and preliminary hearing, proceeding to second stage, in which more in-depth scrutiny and verification takes place, is only option

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

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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...