Friday, March 12, 2021

Revisionary powers prescribed u/s 263 couldn't be exercised in respect of issues already considered by Set Com

INCOME TAX : Where issue of short-term capital gain earned by assessee on sale of shares had already been considered by Settlement Commission, Commissioner could not assume jurisdiction on such issue again in revisionary proceedings

from www.taxmann.com Latest Case Laws https://ift.tt/3cqSCJ5
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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...