Monday, August 17, 2020

Contrived loss allowed by ITAT on basis of material on records didn’t require any interference: HC

INCOME TAX : Where in block assessment proceedings Tribunal finding that assessee had already disclosed contrived loss by making necessary entries in its books of account, allowed assessee's claim for deduction of same, order so passed did not require any interference

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000195314/contrived-loss-allowed-by-itat-on-basis-of-material-on-records-didn’t-require-any-interference-hc.aspx

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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...