Tuesday, March 9, 2021

Waiver of outstanding interest couldn’t be considered as withdrawal of provisions while computing book profits

INCOME TAX : Where assessee made no provision for outstanding interest payable on loan, waiver of such outstanding interest could not be considered as withdrawal of provision and, thus, impugned amount could not be reduced from book profit

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000196911/waiver-of-outstanding-interest-couldn’t-be-considered-as-withdrawal-of-provisions-while-computing-book-profits.aspx

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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...