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No Error in Deduction of Interest on Loan: ITAT quashes Revision Order passed by PCIT [Read Order]

Taxscan Team

The Chennai Bench of Income Tax Appellate Tribunal has held in favour of the appellant-assessee, Sathyanarayanan Radhika that, the deduction of...

Bonus / Commission to Employee Deductible from Business Income: ITAT [Read Order]

Denial of Deduction u/s 80-IA not justified on grounds of delay in filing revised IT Return: ITAT...

ICAI - CA - misconduct - books of accounts - Audit Report - taxscan

ICAI finds CA Guilty of Misconduct on Non-Mentioning of Absence to keep Books of Accounts and...

Bhushan Steel Case: Delhi HC grants Bail to Chartered Accountant [Read Order]

Non-Filing of Audit Report due to Virus Attack in System: ITAT Condones Delay [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench comprising Shri Mahavir Singh, Vice President and Shri Manoj Kumar Aggarwal, Accountant Member has condoned the delay in filing of audit report...

Delay in filing Audit Report due to Statutory Auditors: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), Cuttak bench has held that the penalty under section 271B of the Income Tax Act, 1961 cannot be levied for delay in filing of audit report due to statutory...

Income Tax Act is a Welfare Legislation, Practical Difficulties of Assessee shall be Considered: ITAT condones Delay in filing Audit Report due to Illness of Accountant [Read Order]

While delivering another assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Pune bench has condoned a delay in filing audit report since the Accountant of the assessee was undergoing...

Addition on Sole Ground of failure to Upload Audit Report Electronically is Invalid: ITAT allows Fresh Adjudication [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the addition cannot be made solely on the basis of failure on the part of the assessee to upload the audit report electronically. ...

Mere Ignorance of Law cannot be a Reason to Quash Penalty Proceedings: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench has held that mere ignorance of law cannot be a reason to quash penalty under the Income Tax Act, 1961. The assessee, an individual has...

Revisional Jurisdiction cannot be invoked on Highly Debatable Issues: ITAT [Read Order]

The ITAT, Delhi bench has held that the revisional jurisdiction under section 263 of the Income Tax Act, 1961 cannot be invoked in case of highly debatable issues. Assessment was completed against...

Audit Report to be filed by Sovereign Wealth Fund claiming Exemption under Section 10 (23FE) of the Income Tax Act, 1961: CBDT [Read Notification]

The Central Board of Direct Taxes has notified the Audit report to be filed by Sovereign Wealth Fund claiming exemption under Section10 (23FE) of the Income-tax Act, 1961. In exercise of...

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