Thursday, December 24, 2020

Committee’s order classifying directors as wilful defaulter relying on unreliable report was to be set aside: HC

FEMA, INSURANCE & BANKING : Where petitioners who were directors and guarantors of company were classified as wilful defaulters by Committee for Identification of Wilful Defaulters and Review Committee without furnishing documents and information, including a copy of forensic report relied on by both Committees, it was held that Committees violated all norms of natural justice and provisions of RBI Master Circular, 2015 by relying upon such unreliable report and, therefore, impugned orders were

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000197474/committee’s-order-classifying-directors-as-wilful-defaulter-relying-on-unreliable-report-was-to-be-set-aside-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...