Thursday, December 3, 2020

ITAT was justified in allowing deduction for bad debts as same was written off as irrecoverable in accounts

INCOME TAX : Where assessee had written off all debts pertaining to inter corporate deposits and advances given for purchase of vehicles or plant and machinery as irrecoverable in its accounts and claimed these as bad debts, there was no infirmity in decision of Tribunal in allowing assessee's claim

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

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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...