Saturday, October 16, 2021

SC issued notice in SLP filed against ruling that capitalization of exp. isn’t required to claim deduction u/s 80-IA

INCOME TAX : Notice issued in SLP filed against order of High Court that where assessee power distribution company undertook substantial renovation and modernization of existing power distribution lines, there was no requirement of capitalization of said expenditure in books of account and to complete renovation in relevant previous year, to claim deduction under section 80-IA(4)(iv)(c)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316910/sc-issued-notice-in-slp-filed-against-ruling-that-capitalization-of-exp-isn’t-required-to-claim-deduction-us-80-ia.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...