Wednesday, February 24, 2021

Ignorance of material on record on part of ITAT is a mistake apparent on record; rectification was justified

INCOME TAX : ITAT was justified in reviewing its order and deleting addition under section 68 on account of sellers from whom assessee purchased scraps after considering materials such as TIN number, PAN number, Invoices, etc., of these sellers which lost sight of ITAT earlier

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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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