Wednesday, November 20, 2019

No denial of sec. 54 relief merely because payment for purchase of new house was made from different bank a/c

INCOME TAX: Law does not require assessee to hold on to very same money and demonstrate that very same money was utilized in acquisition of asset and requirement of law is that money so available to assessee to that extent on which exemption under section 54 was claimed ought to be invested in acquisition of specific asset within stipulated time

from www.taxmann.com Latest Case Laws https://ift.tt/2QzZ1bL

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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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