Friday, December 20, 2019

SC directed AO to accept revised ITRs not filed in time due to amalgamation approved by NCLT

INCOME TAX : It is incumbent upon Department to assess total income of successor in respect of previous assessment year after date of succession. Thus, where predecessor companies/transferor companies had been succeeded by appellants/transferee companies who had taken over their business along with all assets, liabilities, profits and losses etc.,

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

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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...