Friday, July 10, 2020

AO cannot initiate reassessment to re-look into claim which was already allowed during original assessment

INCOME TAX: Where claim of assessee for long term capital gains had been allowed in assessment order based on true and full disclosure of all material by assessee, Assessing Officer could not have had a re-look into said issue pursuant to notice issued under section 148

from www.taxmann.com Latest Case Laws https://ift.tt/3ee7Ikb

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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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