Wednesday, April 10, 2019

SLP dismissed against ruling that assessee wasn't entitled to interest on interest in case of delay in grant of refund

IT: SLP dismissed against High Court ruling that where assessee's claim for refund of excess tax collected was withheld and refunded by department after a huge delay merely on ground of pendency of appeal filed by revenue, since there was no stay granted by Appellate Authorities, assessee would be entitled to compensation by way of interest for such delay but assessee would not be entitled to interest on interest which was awarded as compensation

from www.taxmann.com Latest Case Laws http://bit.ly/2X0gGcq

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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...