Tuesday, June 16, 2020

HC quashes ITAT findings that net profit as determined under Cos Act to be taken for computing MAT liability

INCOME TAX: High Court did not accept finding of Tribunal that for purpose of section 115JB, net profits had to be determined as per provisions of Companies Act and thereafter adjustments had to be made, and that assessee could not adjust book profit except as provided under Companies Act

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