Thursday, October 21, 2021

AO can’t withhold refund merely because assessee declared huge income in immediately preceding year; SLP dismissed

INCOME TAX : SLP dismissed on ground of delay against High Court's ruling that where assessee filed its return declaring loss and claimed refund of entire amount of tax paid at source, merely because in immediately preceding assessment year assessee had declared a positive income as against substantial loss declared in relevant assessment year, it could not be a ground to doubt contents of return or claim of assessee with respect to loss suffered and withhold refund claimed by assessee

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317050/ao-can’t-withhold-refund-merely-because-assessee-declared-huge-income-in-immediately-preceding-year-slp-dismissed.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...