Thursday, September 3, 2020

No penalty to be imposed for violation of anti-profiteering provisions from 1-7-2017 to 30-6-2018: NAA

GST: Penalty proceedings initiated against builder for not passing on benefit of ITC to buyers of flats in contravention of provisions of section 171(1) were to be set aside as penalty provisions came into existence from 1-1-2020 and, were not in existence when builder had violated provisions of section 171(1)

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