Saturday, June 20, 2020

No concealment penalty if assessee annexed a Note in ITR based on relevant DTT to exclude arbitral award as income

INCOME TAX : Where in support of not including amount of an arbitral award in respect of a dredging contract in business profit, assessee annexed a Note in ITR based on relevant DTAA that said amount was not taxable in India, imposition of penalty was not justified

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

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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...