Exclusive IncomeTax Updates:
• I-T - It is incumbent upon Revenue to accord personal hearing to taxpayer before proceeding with any addition: HC
• I-T - Re-opening of assessment commenced after expiry of 4 years from end of relevant AY, merits being upheld, where proceedings earlier initiated within limitation period were dropped on technical grounds & without assigning any reasons: HC
• Disallowance of rent expenses is not tenable, where it is clear that a property had been taken on rent by the assessee in furtherance of its business : ITAT
• PCIT cannot exercise revisionary jurisdiction u/s 263 when necessary details and documents are furnished by assessee, based on which AO takes a particular view: ITAT
• When AO forms a plausible view after conducting proper enquiry, such view cannot be held erroneous by PCIT u/s 263 for want of no enquiry: ITAT
Join @HubofCA for Exclusive #IncomeTax News
