Monday, March 22, 2021

AO rightly disallowed purchases made by assessee as it failed to establish identities of parties

INCOME TAX : Where assessee claimed expenditure on account of purchases of certain materials, since assessee could not produce parties from whom it made such purchases and document relied upon by assessee viz., receipt for goods, weighment slips, inward slips were all self made, impugned expenditure was to be disallowed

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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...