Thursday, March 19, 2020

No infirmity in reassessment order where materials placed by AO were sufficient to prove escapement of income

INCOME TAX : Where evidence found during search in case of third party was sufficient to form belief that LTCG shown by assessee was in nature of accommodation entries and income to that extent had escaped assessment, issue of notice under section 148 was justified

from www.taxmann.com Latest Case Laws https://ift.tt/3b68kY3

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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...