One-Liner Exclusive IncomeTax Updates:
• Establishment of material facts & circumstances on basis of evidences cannot be done by High Court under Article 226 of Constitution: HC
• If bank is already valuing its securities at the lesser between investment at costs or market price, then AO cannot further revalue such securities for tax purposes: ITAT
• Surplus funds kept in fixed deposits having inextricable link with project - interest earned must be reduced from work in progress & cannot be assessed as income from other sources: ITAT
• Re-opening of assessment is unsustainable where based entirely on information received from Investigating Wing: ITAT
• Addition u/s 68 cannot sustain when assessee proves identity of investor, its creditworthiness and genuineness of transaction: ITAT
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Note: There were typo error in source code of Income Tax News, it has been fixed and from now news will posted as per the schedule. Keep Sharing!! @Butti15
