Monday, June 7, 2021

AO can’t make ad hoc additions on account of interest exp. on car used for personal purpose without assigning reasons

INCOME TAX: Where assessee had carried out substantial expansion in existing unit immediately on completion of first five years and duly complied with conditions laid down in clause (ix) sub-section 8 of section 80-IC, it will be entitled for deduction during year under assessment

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000314936/ao-can’t-make-ad-hoc-additions-on-account-of-interest-exp-on-car-used-for-personal-purpose-without-assigning-reasons.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...