Monday, September 21, 2020

HC remanded matter for reconsideration as assessee produced relevant evidence to justify genuineness of creditors

INCOME TAX : Where addition under section 68 was made in hands of assessee as it had failed to satisfy authority with regard to genuineness of creditors , since it had produced relevant evidence before High Court, it would be just and appropriate to direct Assessing Officer to reconsider matter afresh by considering said evidence

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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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