AO cannot direct to produce Profit and Loss Account to show source of Expenditure not recorded in Gross Receipt u/s 44AD: ITAT deletes Penalty [Read Order]

By Aparna. M - On October 24, 2023 8:30 pm - 2 mins read

AO direct to produce Profit and Loss Account to show source of Expenditure recorded in Gross Receipt - ITAT deletes Penalty - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Kolkata bench, held that the assessing officer could not direct the assessee to produce a profit and loss account to show the source of expenditure when the gross receipt under Section 44AD of the Income Tax Act, 1961, was not recorded. The assessee, Prem Kumar Goutam, was a brick…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics