Tuesday, May 7, 2019

No additions if AO didn't find assets surrendered by assessee in statement made during search: HC

IT: Merely because during search, assessee surrendered an amount in stipulation that details of same would be given in due course of time, but no such assets were ever found/identified by authorities, no addition could be made to assessee's income

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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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