Friday, December 27, 2019

Reassessment on basis of info. received from investigation wing justified if AO didn't examine disputed issue

INCOME TAX: Where Assessing Officer issued reassessment notice on basis of an information received from Investigation wing that assessee had received bogus accommodation entries in form of share capital, since Assessing Officer did not examine issue related to share capital during original assessment, impugned reopening was justified

from www.taxmann.com Latest Case Laws https://ift.tt/2Q133cp

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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...