Thursday, February 27, 2020

SC granted SLP against ruling justifying sec. 68 additions on assessee's failure to furnish details of shareholders

INCOME TAX : SLP granted against High Court ruling that where in respect of share capital received from various shareholders, assessee failed to establish identity, genuineness and creditworthiness of said persons, revenue authorities were justified in adding amount in question to assessee's taxable income under section 68

from www.taxmann.com Latest Case Laws https://ift.tt/2PJa8hx

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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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