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Failure of Assessee to Maintain Books of Account will not Attract a Penalty under Section 271B for Non-Furnishing of Audit Report: ITAT [Read Order]

Gayathri C.H

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently, in an appeal filed before it, held that a failure of the assessee to...

Kerala HC halts Income Tax Recovery on Solidarity Movement of India till Decision on Audit Report...

Rectification of Defects and Filing of Audit Report before Completion of Assessment: ITAT Allows Tax...

Audit Report u/s 44B furnished along with ITR before Completion of Assessment: ITAT deletes Penalty...

Non - discharge - Voluntarily - Disclosed - Tax - Liabilities - SVLDRS - VCES - TAXSCAN

Non-discharge of Voluntarily Disclosed Tax-Liabilities in SVLDRS & VCES may attract trouble: Know...

Income Tax Benefit to Trust u/s 11 cannot be Denied for Mere One Day Delay in filing of Audit Report: ITAT [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal (ITAT) has held that the Income Tax benefit to trust under Section 11 of the Income Tax Act 1961 could not be denied for mere one day delay in...

Furnishing Audit Report along with Income Tax Return: ITAT allows Deduction u/s 11(1)(a) [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai has allowed deduction under Section 11(1)(a) of the Income Tax Act, 1961 as there was further furnishing audit report along with the Income Tax...

Lack of Guidance by Tax Professionals in Filing Audit Report with Income Tax Return: ITAT grants Exemption u/s 11 of Income Tax Act to Educational Trust [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ), granted exemption under Section 11 of the Income Tax Act, 1961 to educational trust on lack of guidance by tax professionals. The...

Income Tax Exemption to Trust u/s 11 cannot be Denied Merely due to Delay in furnishing of Audit Report in Form 10B: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the exemption to Trusts under section 11 of the Income Tax Act, 1961 cannot be denied merely due to the delay in furnishing of the...

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

The Chennai Bench of Income Tax Appellate Tribunal has held in favour of the appellant-assessee, Sathyanarayanan Radhika that, the deduction of interest on loan amount taken by him in the previous...

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

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently in an appeal filed before it, held that bonus/commission payable to employees are deductible from business income. The aforesaid...

Denial of Deduction u/s 80-IA not justified on grounds of delay in filing revised IT Return: ITAT allows Income Tax Deduction [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) comprising Mahavir Singh and Manoj Kumar Aggarwal held that, the assessee was eligible to claim the deduction u/s 80-IA in favour of...

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