Wednesday, December 18, 2019

Payment of principal amount was revenue exp. though assessee would acquire asset after termination of finance lease

INCOME TAX: Where infrastructure assets were taken on finance lease and assessee would buy same after termination of lease, same being exclusively used for business during lease period, rent paid was to be allowed as revenue expenditure

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

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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...