Tuesday, March 19, 2019

HC justified in denial of sec. 54B relief by ITAT relying on spot inquiry report of income-tax inspector

IT : Where Tribunal found lacuna in so called bataidar's statement in respect of agricultural activity on land sold and relied on spot inquiry report of Inspector of Income-tax to deny exemption under section 54F, same was justified

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

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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...