Monday, May 31, 2021

AO can’t reassess income without supplying reasons for reassessment amp; disposing of assessee’s objections on it: ITAT

INCOME-TAX : Where on basis of the report of the Investigation Wing that penny stocks are used for generating bogus LTCG/STCL and business loss by assessee, assessment was reopened by issuance of notice u/s 148 but assessee pointed out that AO did not provide reasons for reopening assessment to assessee,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315311/ao-can’t-reassess-income-without-supplying-reasons-for-reassessment-amp-disposing-of-assessee’s-objections-on-it-itat.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...