Wednesday, December 2, 2020

Cash deposits in bank account can't be assessed to tax just because rectification in PAN is not reported to bank

INCOME TAX : Where in PAN, status of assessee-firm was rectified while bank had old status, assessment of cash deposit of demonitised currency in bank account was not justified on ground of mismatch

from www.taxmann.com Latest Case Laws https://ift.tt/2HYC93M

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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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