Friday, August 14, 2020

ITAT can’t conclude that exchange of asset vide settlement deed didn’t result in transfer without assigning reasons

INCOME TAX : Where Tribunal, without assigning any reasons, concluded that properties exchanged between assessee and his brother in terms of settlement deed did not attract provisions of section 2(47), matter was to be remanded back for disposal afresh

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000195259/itat-can’t-conclude-that-exchange-of-asset-vide-settlement-deed-didn’t-result-in-transfer-without-assigning-reasons.aspx

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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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