Monday, July 19, 2021

AO can’t deny legitimate exp. of business simply because assessee has changed its method of accounting: ITAT

INCOME TAX : Assessing Officer cannot deny deductions for legitimate expenses incurred in course of business of assessee, if such expenses are otherwise allowable under Act, for simple reason that assessee has changed its method of accounting, more particularly when assessee has explained reasons for change in method of accounting

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198865/ao-can’t-deny-legitimate-exp-of-business-simply-because-assessee-has-changed-its-method-of-accounting-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...