Wednesday, December 11, 2019

Refund couldn't be withheld on ground that assessee declared income in prior AY and claimed loss in current AY

INCOME TAX : Where assessee filed its return declaring loss and claimed refund of entire amount of tax paid at source, merely because in immediately preceding assessment year assessee had declared a positive income as against substantial loss declared in relevant assessment year, it could not be a ground to doubt contents of return or claim of assessee with respect to loss suffered and withhold refund claimed by assessee

from www.taxmann.com Latest Case Laws https://ift.tt/2YHiv0i

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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...