Monday, March 18, 2019

No reassessment if outstanding interest credited to P&L a/c wasn't offered to tax by SBI as per ITAT's decision

IT : Where in original return outstanding credit interest lying in inter-branch account for more than 10 years as on 30.9.2010 was credited to Profit & Loss A/C by assessee bank as per RBI instructions but same was not offered to tax in accordance with Tribunal's decision, reassessment after four years was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/2TWOs4D

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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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