Thursday, September 19, 2019

No reassessment if assessee duly disclosed fact that it changed method of accounting of NPAs; SLP dismissed

INCOME TAX: Where High Court upheld Tribunal's order setting aside reassessment on ground that assessee had made full and true disclosure of all material facts regarding change in method of accounting in respect of Non-Performing Assets (NPAs) at time of assessment itself, SLP filed against High Court's order was to be dismissed

from www.taxmann.com Latest Case Laws https://ift.tt/31zSLmZ

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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...