Tuesday, July 6, 2021

Exp. incurred on transportation for shifting factory from one site to another is allowable as revenue exp.: ITAT

INCOME TAX : Where assessee had not reported income received by it from a company in its Pamp;L account, and, hence, it could not be said that its books of account were prepared in accordance with Part II and II of Schedule - VI to Companies Act, Assessing Officer was justified to re-compute book profit under section 115JB of assessee by making addition towards said income not reported in books of account of assessee

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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...