Monday, July 12, 2021

Advance for share application money can’t be treated as loan just because shares were allotted after delay of 6 months: ITAT

INCOME TAX : Where assessee was not in receipt of any exempt income during year under consideration, no disallowance was warranted under section 14A, read with rule 8D, of Rules under normal provisions as well as while computing income under section 115JB

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000195972/advance-for-share-application-money-can’t-be-treated-as-loan-just-because-shares-were-allotted-after-delay-of-6-months-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...