Wednesday, May 26, 2021

Reassessment valid as issue of deemed sale consideration as per Sec. 50C wasn’t considered during original assessment

INCOME TAX : Where assessee sold a house and declared capital gain of certain amount and Assessing Officer issued a reopening notice on ground that deemed value of such house property as per provisions of section 50C was at higher amount than what was shown by assessee, thus, differential amount had escaped assessment,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198488/reassessment-valid-as-issue-of-deemed-sale-consideration-as-per-sec-50c-wasn’t-considered-during-original-assessment.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...