Monday, January 20, 2020

5% variation introduced by sec. 43CA couldn't applied retrospectively: Mumbai ITAT

INCOME TAX : Prior to incorporation of proviso to section 43CA(1), vide Finance Act, 2018, with effect from 1-4-2019, there was no tolerance limit envisaged in section 43CA, regarding difference between stamp duty value and actual sale consideration received by assessee on transfer of asset (other than a capital asset)

from www.taxmann.com Latest Case Laws https://ift.tt/2G3vII6
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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...