Thursday, July 8, 2021

Draft assessment order not reaching a logical conclusion can’t form a reason for reopening assessment: HC

INCOME TAX : Failure to arrive at a logical conclusion in a Section 144C proceeding cannot become ruse for initiating proceedings under section 147/148 in absence of new material emerging before AO which gives AO reason to believe that assessee's income chargeable to tax had escaped assessment

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315827/draft-assessment-order-not-reaching-a-logical-conclusion-can’t-form-a-reason-for-reopening-assessment-hc.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...