Merely because there was an error in the annual report this will ...

Case Laws Income Tax

March 12, 2016

Merely because there was an error in the annual report this will not have any impact on the profit of the assessee. When the assessee has recorded the entire purchases and sales of the bullion in the books of account, estimating profit after rejecting the books of account is not justified - AT

View Source

← Previous Next →

Merely because there was an error in the annual report this will ...

Case Laws Income Tax

March 12, 2016

You may also like:

Dependent agency PE of the assessee in India - profit attribution to the said DAPE - TP adjustments - Arm's length price - it has been brought on record that assessee...

Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not...

Valuation- inter-connected undertaking - related parties or not - applicability of doctrine of mutuality of interest - The fact that Appellant 1 and Appellant 2 were not...

The ITAT addressed a case involving a change in accounting policy from Percentage of Completion Method (POCM) to Project Completion Method (PCM) for revenue recognition....

Annual Return on Foreign Liabilities and Assets Reporting by Indian Companies

Format for annual secretarial audit report and annual secretarial compliance report for listed entities and their material subsidiaries

The circular dated May 27, 2024, outlines timelines for disclosures by Social Enterprises on the Social Stock Exchange (SSE) for FY 2023-24. Not for Profit Organizations...

Penalty imposed u/s. 271B - non filing of audit report within stipulated time - the assessee kept on changing its version for causing delay of filing tax audit report...

Exemption u/s 11 - allegation of accommodation entry in the garb of corpus donation - There is no legal admissible evidence on record against the assessee that assessee...

Deduction u/s 10B - ordinarily, what profit the assessee might have expected to arise - AO had not brought on record any material to demonstrate that the assessee...

Central Government amends Prevention of Money-laundering (Maintenance of Records) Rules, 2005 regarding client due diligence. Reporting entities must obtain KYC...

Validity of reassessment proceedings challenged - capital gain on co-owned land sale - reassessment based on DVO report alleging suppression of lower valuation - reasons...

Exemption u/s 11 - registration u/s 12A denied merely on the basis of the Report of the Inspector - CIT(Exemption) was under duty to provide the copy of the report of...

Reopening of assessment u/s 147 - The entire exercise of re-opening would depend upon the reasons recorded by the AO and therefore the reasons recorded to re-open the...

The Commissioner of Income Tax (CIT) directed the Assessing Officer (AO) to compute the assessee's income by adding the difference in valuation of shares u/s 56(2)(viib)....

Quick Updates: