Wednesday, October 20, 2021

AO has power to initiate reassessment on issue which wasn’t considered during original assessment: HC

INCOME TAX : Where in original assessment order, issue of retention money of Rs. 5.88 crore was neither considered nor adjudicated by Assessing Officer and later on related incorrect claim of assessee and disclosure of reduced income were identified, reassessment was justified

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316166/ao-has-power-to-initiate-reassessment-on-issue-which-wasn’t-considered-during-original-assessment-hc.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...