Friday, October 25, 2019

AO couldn't reject method of accounting because he found bogus bills & unaccounted exp.

IT: Accounting defects of bills, seized documents showing unaccounted expenses and negative cash balance could not be reasons, individually or collectively to reject cash method of accounting regularly followed by assessee to reach at real profit/income of assessee

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