Friday, March 22, 2019

AO can't reject books of account without finding any material defect in it: ITAT

IT: Without there being any material defects found in books of account, same could not have been rejected on ground that assessee had declared less gross profit for year under consideration or day-to-day moment of material was not reflected in stock register

from www.taxmann.com Latest Case Laws https://ift.tt/2HyMH87

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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...