![Entries in books of account of Individual Entity Prior to Amalgamation cannot be part of additions made u/s 153A of IT Act in hands of assessee: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Entries-in-books-of-account-Individual-Entity-Amalgamation-IT-Act-ITAT-taxscan.jpg "Entries in books of account of Individual Entity Prior to Amalgamation cannot be part of additions made u/s 153A of IT Act in hands of assessee: ITAT deletes Addition [Read Order]")
Entries in books of account of Individual Entity Prior to Amalgamation cannot be part of additions made u/s 153A of IT Act in hands of assessee: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, held that entries in the books of account prior to amalgamation could not be part of...
![Income Towards Discount and Incentives to be Assessed under Head Income from Business and Profession if Books of Account is Linked to Business: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Income-Towards-Discount-and-Incentives-Assessed-under-Head-Income-from-Business-and-Profession-if-Books-of-Account-is-Linked-to-Business-ITAT-TAXSCAN.jpg "Income Towards Discount and Incentives to be Assessed under Head Income from Business and Profession if Books of Account is Linked to Business: ITAT [Read Order]")
![Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Books-of-account-being-audited-and-pointing-out-of-defect-before-initiation-of-proceedings-findings-by-AO-wrong-assumption-of-facts-ITAT-TAXSCAN.jpg "Books of account being audited and no pointing out of defect before initiation of proceedings u/s 147 proves findings by AO was based on wrong assumption of facts: ITAT [Read Order]")
![No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Addition-Addition-Income-Tax-Act-Income-Tax-Act-as-assessee-acknowledged-liability-and-reflected-the-same-in-its-books-of-account-assessee-books-of-account-ITAT-income-tax-taxscan.jpg "No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [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]](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]")
Late Filing of GSTR-3B for entire Financial Year except 2 months: Commercial Tax Officer of Karnataka imposes 18% interest on Net Tax Liability
The Karnataka Commercial Tax Officer (CTO) has applied an 18% interest rate on the net tax liability due to the delayed submission of GSTR-3B for the complete 2017-18 fiscal year, excluding only...
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]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that start-up businesses can deduct all revenue expenses, even if the business has not commenced, and held that the expenses are...
![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]
The Institute of Chartered Accountants of India (ICAI) has held that failure to verify books of account before certifying ended up in unjust enrichment by refunding service tax amounts to guilty of...
![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]")
Certification of Books of Account without Accurate Verification is Vital Professional Misconduct: ICAI Removes CA from Register and Imposes Fine [Read Order]
The Institute of Chartered Accountants of India removed Chartered Accountant (CA), Syed Shahul Meeran K from the CA membership Register and imposed a fine on the professional misconduct of certifying...
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]")