Thursday, June 13, 2019

Sec. 35 deduction was available, though only provision was made for contribution: ITAT

IT: Where AO opined that assessee paid excessive cane price, over and above Fair and Remunerative Price (FRP) fixed by Government, to its members as well as non-members following order passed by Supreme Court in case of CIT v. Tasgaon Taluka S.S.K. Ltd. [2019] 103 taxmann.com 57 matter was to be remanded back to Assessing Officer with a direction to allow deduction for price paid under clause 3 of Sugar cane (Control) Order, 1966 and then determine component of distribution of profit embedded in

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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...