Thursday, June 4, 2020

ITAT deleted additions as there no difference was found in physical inventory inspected during survey

NCOME TAX: Where there was practically no difference in physical inventory taken by survey team vis-a-vis inventory as per Books of Account, impugned addition made on account of difference in value of stock was to be deleted

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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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