Tuesday, June 9, 2020

Sum received post construction can't be included in determining percentage of completion method as per AS-7

INCOME TAX : Where the assessee company engaged in activities relating to water distribution, supply and related construction activity, was offered construction contract pertaining to rehabilitation and implementation of water supply for five years period and said contract consists of three parts, study phase,

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