![AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Duty-Bound-Books-of-Account-Income-Tax-Act-Income-Tax-ITAT-Deletes-Income-Tax-Addition-ITAT-Income-Tax-Addition-Taxscan.jpg "AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]")
AO is Duty Bound to Specify the Defects in Books of Account before Rejection u/s 145(3) of Income Tax Act: ITAT deletes Income Tax Addition [Read Order]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that Assessing Officer (AO) is duty bound to specify the defects in the books of...
![Start-up Businesses Can Deduct All Revenue Expenses, Even If business has not commenced u/s 30(1) and 37(1) of IT Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Revenue-Expenses-Start-up-Businesses-If-business-IT-Act-ITAT-taxscan.jpg "Start-up Businesses Can Deduct All Revenue Expenses, Even If business has not commenced u/s 30(1) and 37(1) of IT Act: ITAT [Read Order]")
![Failure to verify Books of Account Before Certifying Ended up in Unjust Enrichment by Refunding Service Tax: ICAI holds Misconduct on CA Professional [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Failure-to-verify-Books-of-Account-Before-Certifying-Unjust-Enrichment-by-Refunding-Service-Tax-ICAI-holds-Misconduct-on-CA-Professional-TAXSCAN.jpg "Failure to verify Books of Account Before Certifying Ended up in Unjust Enrichment by Refunding Service Tax: ICAI holds Misconduct on CA Professional [Read Order]")
Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income [Read Order]
The Income Tax Appellate Tribunal (ITAT) Pune Bench while upholding the business income which surrendered after the survey proceeding and observed that excess stock and excess cash found during...
![Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Excess-Stock-Excess-Cash-found-during-Survey-Proceedings-are-recorded-in-Books-of-Account-ITAT-Upholds-surrendered-income-as-Business-Income-.jpg "Excess Stock and Excess Cash found during Survey Proceedings are recorded in Books of Account: ITAT Upholds surrendered income as Business Income [Read Order]")
ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]
The Income Tax Appellate Tribunal (ITAT) of Mumbai Bench deleted the addition made towards share application money recorded in books of account on unabated assessment year. The assessee Morpan...
![ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/ITAT-deletes-addition-Share-Application-Money-Books-of-Account-taxscan.jpg "ITAT Deletes Addition Made Towards Share Application Money Recorded in Books of Account on Unabated Assessment Year [Read Order]")
Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]
The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that, if the assessee was not guilty of non-maintaining of books of accounts, the presumption would be that he shall not required to...
![Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Non-maintenance-Books-of-account-Audit-of-account-ITAT-Delets-penalty-taxscan.jpg "Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]")
Incriminating Books of Account is Not Necessary to Initiate Search Proceeding u/s 153C of Income Tax Act: ITAT [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) held that for initiating proceeding under Section 153C of the Income Tax Act, 1961, it is not necessary that these books of account should...
![Incriminating Books of Account is Not Necessary to Initiate Search Proceeding u/s 153C of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Incriminating-Books-of-account-Initiate-Search-Proceeding-Income-Tax-Act-ITAT-taxscan.jpg "Incriminating Books of Account is Not Necessary to Initiate Search Proceeding u/s 153C of Income Tax Act: ITAT [Read Order]")
Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of Company: ITAT deletes Addition [Read Order]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT), while deleting the addition made by the Assessing officer (AO), determined that the cash deposited in bank accounts during the...
![Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of Company: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/07/Cash-Deposited-Bank-Accounts-Demonetization-Period-Demonetization-Books-of-Account-of-Company-Books-of-Account-ITAT-deletes-Addition-ITAT-Addition-taxscan.jpg "Cash Deposited in Bank Accounts during Demonetization Period reflected in Books of Account of Company: ITAT deletes Addition [Read Order]")
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]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has recently, in an appeal filed before it, held that a failure of the assessee to maintain the books of account will not attract penalty...
![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]](https://www.taxscan.in/wp-content/uploads/2023/04/Failure-of-Assessee-to-Maintain-Books-of-Account-Books-of-Account-Assessee-Penalty-Non-Furnishing-of-Audit-Report-Audit-Report-ITAT-Taxscan.jpg "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]")