Saturday, August 7, 2021

ITAT was justified in treating cash deposits as turnover as assessee failed to prove correct nature of receipts

INCOME TAX : Where assessee had received certain amount in cash in her bank account, since assessee had not given any evidence to prove that this was not her turnover, Assessing Officer was justified in treating entire deposits as assessee's turnover and assuming net profit thereupon at rate of 5 per cent

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

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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...