Thursday, August 26, 2021

AO can initiate reassessment on basis of new info. arising out of evidences submitted during original assessment: HC

INCOME TAX : Where Assessing Officer was able to trace out new informations/material from and out of materials submitted by assessee, such new informations/materials undoubtedly would provide Assessing Officer for 'reason to believe' to reopen assessment

from www.taxmann.com Latest Case Laws https://ift.tt/3gzMmSs
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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...