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Assessee has no liability to maintain Books of Account when availed the Presumptive Scheme u/s 44AD: ITAT [Read Order]

Taxscan Team

The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT) has held that the assessee has no liability to maintain books of account when availed...

Income Tax Department - conducts searches - Madhya Pradesh - taxscan

Income Tax Department conducts searches in Madhya Pradesh

SUPREME COURT - HIGH COURTS - WEEKLY ROUNDUP - taxscan

Supreme Court and High Courts Weekly Round-Up

CA, CMA vacancy in Deloitte

No Addition can be made on Estimated basis, without rejecting Books of Account of Assessee: ITAT...

Deloitte hiring Chartered Accountant

The Deloitte has invited applications for the post of Sr. Manager - Business Process Solutions Responsibilities: Supervising a team of AM / executives involved in maintenance of books of...

Non-Maintenance of Books of Account would not attract Penalty u/s 271B: ITAT grants Relief to Developer [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench consisting of Waseem Ahmed, Accountant Member, and Madhumita Roy, Judicial Member granted relief to Developer as non-maintenance of Books of...

Addition of Unexplained Income u/s 69 not sustainable in the presence of duly Audited Regular Books: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chandigarh Bench has held that the addition of unexplained income u/s 69 is not sustainable in the presence of the duly audited regular books. The...

Income Tax Evasion of Rs. 400 Crores detected in Tamil Nadu

A recent raid conducted on the premises of a Tamil Nadu-based group, the income tax department has detected evasion of Rs. 400 crores. The Central Board of Direct Taxes (CBDT) said on Monday engaged...

Rejection of Books of Account is a precondition for making reference to DVO: ITAT holds DVO report illegal [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore held that, the report of the District Valuation Officer (DVO) was illegal on the ground that rejection of books of account is a precondition for...

No Estimation of Gross Profit without Rejection of Books of Account u/s 145(3): ITAT [Read Order]

The Cuttack Bench of Income Tax Appellate Tribunal has held that no estimation of gross profit without rejection of books of account u/s 145(3). The assessing officer made an addition to the total...

Residential House Properties are shown as Stock in Trade in Books of Account: ITAT upholds allowing Deduction u/s 54F for Purchased New House Property [Read Order]

The Income Tax Appellate Tribunal, Jaipur Bench has upholds allowing deduction u/s 54F for purchased new house property since residential house properties are shown as stock in trade in books of...

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