Monday, April 19, 2021

Adjustment is required if rate of dep. adopted by assessee was higher than those adopted by comparable Cos.

TRANSFER PRICING : Where rates of depreciation adopted by assessee were significantly higher from those adopted by comparable companies, suitable adjustment to eliminate differences in accounting policies of assessee and comparable companies had to be made

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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...