Tax Audit - prescription of section 44AB of the Act was ...

Case Laws Income Tax

August 10, 2015

Tax Audit - prescription of section 44AB of the Act was triggered only after AO rejected the assessee’s methodology of booking profit from its project - aving regard to the provisions of section 273B r.w.s. 271B of the Act, there was a reasonable cause prevailing with the assessee for not getting its accounts audited under section 44AB - penalty waived - AT

View Source

← Previous Next →

Tax Audit - prescription of section 44AB of the Act was ...

Case Laws Income Tax

August 10, 2015

You may also like:

Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments...

Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

Additions towards difference in the 26AS (TDS statement) and the books results - books of account of the assessee duly audited - We have noted that the audited books of...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

Special audit report u/s 142(2A) - An admitted fact on record that the AO had no occasion to examine the books of accounts furnished by the assessee, which were actually...

IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Onus on Revenue to establish taxability of alleged receipts reflected in Form 26AS but not recorded in assessee's audited books. Assessee denied transaction with...

Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

Penalty u/s 271B - not getting the books of account audited u/s 44AB - AO levied penalty on the assessee as the cash deposit during the F.Y. 2016-17 exceeded the...

Tribunal found assessee had reasonable cause for delay in furnishing Tax Audit Report due to delay in finalization of statutory audit arising from dispute between Board...

Quick Updates: