Wednesday, November 20, 2019

Revision unjustified if material evidences regarding land development exp. were available before scrutiny assessment

INCOME TAX: During scrutiny assessment, Assessing Officer required assessee to produce all materials regarding land development expenses and same was produced before him and after inquiry, Assessing Officer accepted assessee's books of account, revision was not justified

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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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