Saturday, May 22, 2021

Revisional proceeding justified if AO allowed deduction of written off bad debts without verification: ITAT

INCOME TAX : Where assessment had been made by Assessing Officer, without verification of claim of written off bad debts as deduction, it was erroneous and prejudicial to interest of revenue, hence, Commissioner was correct in assuming revisionary jurisdiction and passing order under section 263

from www.taxmann.com Latest Case Laws https://ift.tt/2SfdD3l

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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...