Saturday, April 3, 2021

No addition u/s 56(2) in respect of agricultural land as same is not covered by definition of capital asset

INCOME TAX : Agricultural land purchased by assessee would not be governed by provision of section 56(2)(vii)(b)

from www.taxmann.com Latest Case Laws https://ift.tt/2PSzHzo
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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...