Wednesday, December 8, 2021

AO can’t compute profit based on estimation if audit report didn’t give any adverse finding regarding books of account

INCOME TAX : Where land initially purchased by assessee was a rural agricultural land and was thus not a capital asset land, per provision of section 2(14)(iii) till date of it being diverted into a non-agricultural land, capital gain accruing to assessee till date of diversion of land shall be exempt from tax

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317498/ao-can’t-compute-profit-based-on-estimation-if-audit-report-didn’t-give-any-adverse-finding-regarding-books-of-account.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...