Wednesday, August 11, 2021

HC can’t go into disputed facts at initial stage of reopening of assessment which was challenged before it

INCOME TAX : Where AO sought to initiate reassessment proceedings on ground that notes of financial statements accompanying return of income showed that assessee had incurred expenditure during relevant assessment year in foreign currency under heads of interest, professional fees, consulting fees, etc.,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316348/hc-can’t-go-into-disputed-facts-at-initial-stage-of-reopening-of-assessment-which-was-challenged-before-it.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...