Deadline Alert: Trusts/Institutions must Submit Correct Income Tax Audit Report (Form 10B or 10BB) by March 31, 2024
The Central Board of Direct Taxes ( CBDT ) has issued a reminder regarding trusts and institutions that may have inadvertently submitted their Audit...
![Failure To file Audit Report along with return of income by Auditor: ITAT directs to allow exemption u/s 11 of the Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Ahmedabad-Income-Tax-audit-report-Income-tax-return-taxscan.jpg "Failure To file Audit Report along with return of income by Auditor: ITAT directs to allow exemption u/s 11 of the Income Tax Act [Read Order]")
![Non Filing Audit Report along with ITR is Procedural Omission: ITAT restores matter to allow Exemption u/s 11 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-Ahmedabad-Section-11-of-Income-Tax-Act-Income-Tax-Act-Income-Tax-Returns-ITAT-restores-exemption-Taxscan.jpg "Non Filing Audit Report along with ITR is Procedural Omission: ITAT restores matter to allow Exemption u/s 11 of Income Tax Act [Read Order]")
Benefit of Accumulation of Income u/s 11(2) shall be allowed when Audit Report in Form 10 is filed along with ITR: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the benefit of accumulation of income under Section 11(2) of the Income Tax Act, 1961 shall be allowed when the audit report in...
![Benefit of Accumulation of Income u/s 11(2) shall be allowed when Audit Report in Form 10 is filed along with ITR: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/12/Income-Audit-Report-Benefit-of-Accumulation-of-Income-itr-Income-Tax-Returns-itat-mumbai-itat-taxscan.jpg "Benefit of Accumulation of Income u/s 11(2) shall be allowed when Audit Report in Form 10 is filed along with ITR: ITAT [Read Order]")
Penalty u/s 271 (1)(c) of Income Tax Act cannot be invoked in Absence of Material Establishing Concealing of Income: Gujarat HC [Read Order]
In a significant case, the Gujarat High Court has held that penalty under section 271 (1)(c) of the Income Tax Act, 1961 cannot be invoked in the absence of material establishing concealing of...
![Penalty u/s 271 (1)(c) of Income Tax Act cannot be invoked in Absence of Material Establishing Concealing of Income: Gujarat HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Penalty-Income-Tax-Act-Absence-Material-Establishing-Concealing-Income-Gujarat-HC-TAXSCAN.jpg "Penalty u/s 271 (1)(c) of Income Tax Act cannot be invoked in Absence of Material Establishing Concealing of Income: Gujarat HC [Read Order]")
Failure to produce Audit Report in Form No. 3CEB required u/s 92E of Income Tax Act due to opinion of CA of Assessee Company: ITAT deletes Penalty [Read Order]
The Income Tax Appellate Tribunal (ITAT) Pune bench when deleting penalty imposed under Section 271AA of the Income Tax Act, 1961 held that the failure to produce the audit report by assessee in Form...
![Failure to produce Audit Report in Form No. 3CEB required u/s 92E of Income Tax Act due to opinion of CA of Assessee Company: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-Audit-Report-Income-Tax-Act-Assessee-Company-CA-ITAT-Penalty-taxscan.jpg "Failure to produce Audit Report in Form No. 3CEB required u/s 92E of Income Tax Act due to opinion of CA of Assessee Company: ITAT deletes Penalty [Read Order]")
No transfer pricing applicable to income from operation carried out through qualifying ships taxed under TTS: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that no transfer pricing applicable to income from operation carried out through qualifying ships taxed under Tonnage Tax Scheme(TTS). ...
![No transfer pricing applicable to income from operation carried out through qualifying ships taxed under TTS: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/No-transfer-pricing-applicable-income-operation-carried-qualifying-ships-taxed-under-TTS-ITAT-TAXSCAN.jpg "No transfer pricing applicable to income from operation carried out through qualifying ships taxed under TTS: ITAT [Read Order]")
