This case pertains to the validity of an order passed u/s 250 by ...

Typographical error in audit report led to expenditure disallowance, Tribunal allows based on corrected report.

Case Laws Income Tax

August 20, 2024

This case pertains to the validity of an order passed u/s 250 by the Commissioner of Income Tax (Appeals) regarding the disallowance of expenditure due to a typographical mistake in the audit report. The assessee's appeal was dismissed by the CIT(A) on the grounds that the assessee did not provide an explanation or a certificate from the auditor confirming the typographical error. However, before the Tribunal, the assessee filed a corrected audit report. Considering it as a case of a typographical mistake by the auditor, the Tribunal remanded the matter back to the Assessing Officer to assess the income based on the corrected audit report filed by the assessee. The orders of the CIT(A) and the Assessing Officer were set aside, and the assessee's appeals were allowed for statistical purposes.

View Source

← Previous Next →

This case pertains to the validity of an order passed u/s 250 by ...

Typographical error in audit report led to expenditure disallowance, Tribunal allows based on corrected report.

Case Laws Income Tax

August 20, 2024

You may also like:

The Appellate Tribunal considered a case where disallowance of Gratuity u/s 43B was made due to a discrepancy in classification in the Income Tax Return and tax audit...

Appellate Tribunal examined disallowance of claim for futures and options (F&O) loss by Assessing Officer (AO) based on report alleging stock brokers manipulated...

Levy of Penalty u/s 129(3) of the Central Goods and Service Tax Act, 2017 - Errors in e-way bills - The Court emphasized that minor typographical errors in e-way bills,...

The Appellate Tribunal considered the disallowance of deduction claimed u/s 80-IA due to the assessee's failure to file Form no.10CCB on time. The Tribunal found that...

Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

The ITAT Pune held that disallowance u/s 143(1)(a)(iv) can only be made for expenditures indicated in the Audit Report but not considered in income computation. 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...

Reopening of assessment u/s 147 - Period of limitation - The audit party is entitled to point out a factual error or omission in the assessment. reopening of the...

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

Validity of show cause notice (SCN) u/s 73 - demand based on improper Audit Report u/s 65(3) - In the present case, what is found from perusal of the show cause notice...

Levy penalty u/s. 271B - not filing tax audit report within the due date specified under the Act - When audit report was obtained within due date, merely for delay in...

Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

Penalty u/s. 271B - delay in obtaining Tax Audit Report - Being a public sector unit, the assessee company after completion of statutory audit under Companies Act is...

Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

The Appellate Tribunal considered a case involving a revision u/s 263 due to discrepancies in the assessment order, including undisclosed TDS, differences in purchases...

Quick Updates: