ICAI reprimands CA Failing to Disclose SARFAESI Action, Misrepresents Company's Litigation Status in Audit Report [Read Order]
The Institute of Chartered Accountants of India ( ICAI ) reprimanded a Chartered Accountant ( CA ) for failing to disclose the litigation status of a...
![S. 65 of GST Act Does Not Require Audit Report to Indicate ‘Fraud or Misstatement or Suppression of Facts’ for Demand u/s 74: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/GST-Madras-High-Court-Audit-Report-Section-65-CGST-Act-GST-audit-report-taxscan.jpg "S. 65 of GST Act Does Not Require Audit Report to Indicate ‘Fraud or Misstatement or Suppression of Facts’ for Demand u/s 74: Madras HC [Read Order]")
![Filing Audit Report in Form 10CCB before filing ITR is only directory Not Mandatory: ITAT allows S.80IA Deduction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Filing-Audit-Report-Form-10CCB-ITR-ITAT-S.80IA-Deduction-taxscan.jpg "Filing Audit Report in Form 10CCB before filing ITR is only directory Not Mandatory: ITAT allows S.80IA Deduction [Read Order]")
Assessee not absolved from Responsibility to monitor GST Portal being Registered Person: Madras HC [Read Order]
The Madras High Court observed that the assessee is not absolved from the responsibility to monitor the GST portal being a registered person. The petitioner assailed an order dated 29.12.2023 on...
![Assessee not absolved from Responsibility to monitor GST Portal being Registered Person: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Assessee-Responsibility-monitor-GST-Portal-Registered-Person-Madras-HC-taxscan.jpeg "Assessee not absolved from Responsibility to monitor GST Portal being Registered Person: Madras HC [Read Order]")
Lender Banks to Provide Audit Reports to Borrowers to allow Representation before Classification of Accounts as Fraud: Gujarat HC [Read Order]
The Gujarat High Court recently observed that the lender banks to provide audit reports to borrowers to allow representation before classification of accounts as fraud. It is the case of the...
ITAT allows Depreciation claim u/s 80IC for Building, Factory, Furniture and Plant Machinery Blocks [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) of Delhi, allowed depreciation claim under Section 80IC of Income Tax Act, 1961, for building, furniture, and plant machinery blocks. The assessee is a...
![ITAT allows Depreciation claim u/s 80IC for Building, Factory, Furniture and Plant Machinery Blocks [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-tax-Income-tax-news-Depreciation-claim-taxscan.jpg "ITAT allows Depreciation claim u/s 80IC for Building, Factory, Furniture and Plant Machinery Blocks [Read Order]")
Form 10B Audit Report Submission hinders due to Technical Glitches in Software, Revenue rejects Plea for Re-submission: ITAT deletes Addition [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has deletes the addition after the Revenue rejected a plea for re-submission Form 10B audit report which was obstructed due to technical...
![Form 10B Audit Report Submission hinders due to Technical Glitches in Software, Revenue rejects Plea for Re-submission: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Delhi-Income-tax-Income-tax-news-Form-10B-Audit-Report-Re-submission-Form-10B-taxscan.jpg "Form 10B Audit Report Submission hinders due to Technical Glitches in Software, Revenue rejects Plea for Re-submission: ITAT deletes Addition [Read Order]")
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 Reports on or before October 31st 2023 in the...
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]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) while directing to allow exemption under section 11 of the Income Tax Act, 1961 held that the auditor failed to file the audit report along...
![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]
The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) restored matter to allow exemption under Section 11 of the Income Tax Act, 1961 and held that non-filing audit report along with...
![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]")