Monday, May 10, 2021

No sec. 68 additions as investor was public Co. having sufficient earning to invest: ITAT

INCOME TAX : Where investor company was a public company listed with BSE and having sufficient earnings and reserves to justify investment in share capital of assessee-company and alleged accommodation entry provider was not managing and controlling investor company for purpose of providing accommodation entries, such share capital/premium from investor company could not be added to income of assessee under section 68

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

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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...