Friday, October 22, 2021

No disallowance without finding was recorded that exp. claimed by assessee was related to earning tax-free income : HC

INCOME TAX : Section 14A read with rule 8D is not applicable to assessment year 2002-03; where no finding was recorded that expenditure claimed by assessee was de facto related to earning of tax free income of dividend received from subsidiary company, revision of assessment to disallow said expenditure was erroneous

from www.taxmann.com Latest Case Laws https://ift.tt/3m1kAkW

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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