Monday, December 16, 2019

HC remanded matter to allow dep. on unidentifiable assets received during amalgamation as per auditor's report

INCOME TAX : Where erstwhile company was divided and assessee-new company received assets under related amalgamation scheme and Assessing Officer disallowed depreciation on assets as they were unidentifiable, Auditor's Report received subsequently, which provided itemwise opening balance, was to be taken into consideration for fresh computation of depreciation

from www.taxmann.com Latest Case Laws https://ift.tt/38Ixprx

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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...