Wednesday, February 3, 2021

Sec. 277 prosecution can be launched only when a wilful misstatement is made with a malafide intention

INCOME TAX : Prosecution initiated by revenue alleging offences under sections 276(c)(2) and 277 of Income-tax Act, against petitioner company and its directors carrying on business of construction of apartments and development and sale of plots was misconceived, hence, not sustainable

from www.taxmann.com Latest Case Laws https://ift.tt/3rhY9rw
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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...