Wednesday, January 29, 2020

No Sec. 69A additions if assessee opted for presumptive taxation scheme u/s. 44A

INCOME TAX: Where assessee, a small trader in medicine falling under section 44AD, offered income on presumptive taxation basis, provision of section 69A could not be applied to make addition in respect of undisclosed cash credits found in assessee's bank account

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

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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