Last date to file Updated ITR for AY 2020-21 is March 31, “Don’t Delay, File Today!”: Income Tax Dept reminds Taxpayers
The Income Tax Department has recently tweeted that the window to file the updated Income Tax Returns (ITR) for the Assessment Year 2020-2021 is open...
![Penalty u/s 271B of Income Tax Act cannot be Imposed for Not Getting Books of Accounts Audited for Violation of S. 44AB: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Penalty-Income-Tax-Act-Income-Tax-Books-of-Accounts-Audit-ITAT-Taxscan.jpg "Penalty u/s 271B of Income Tax Act cannot be Imposed for Not Getting Books of Accounts Audited for Violation of S. 44AB: ITAT [Read Order]")
![Non-submission of Books of Account before Assessing Authority: ITAT Upholds Penalty u/s 271A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Books-of-Account-Non-submission-of-Books-of-Account-Assessing-Authority-ITAT-Penalty-Income-Tax-Act-Income-Tax-taxscan.jpg "Non-submission of Books of Account before Assessing Authority: ITAT Upholds Penalty u/s 271A of Income Tax Act [Read Order]")
![AO failed to Produce Evidence for Cash Sales: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Evidence-Cash-Sales-ITAT-taxscan.jpg "AO failed to Produce Evidence for Cash Sales: ITAT deletes Addition [Read Order]")
![Mere Possession of Bank Passbook not to be treated as Books of Accounts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/possession-of-bank-passbook-bank-passbook-ITAT-Books-of-Accounts-Income-Tax-Taxscan.jpg "Mere Possession of Bank Passbook not to be treated as Books of Accounts: ITAT [Read Order]")
Books of Accounts Need not be Maintained If Income is Offered on Presumptive Basis u/s 44AD of IT Act: ITAT deletes Addition against Vegetable Vendor [Read Order]
The Jaipur bench of Income Tax Appellate Tribunal (ITAT) recently held that if income is offered on presumptive basis under section 44AD of Income Tax Act 1961 there was no need to maintain...
![Books of Accounts Need not be Maintained If Income is Offered on Presumptive Basis u/s 44AD of IT Act: ITAT deletes Addition against Vegetable Vendor [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/03/Books-of-Accounts-Income-Presumptive-us-44AD-of-IT-Act-ITAT-Addition-Vegetable-Vendor-Taxscan.jpg "Books of Accounts Need not be Maintained If Income is Offered on Presumptive Basis u/s 44AD of IT Act: ITAT deletes Addition against Vegetable Vendor [Read Order]")
Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]
The Pune bench of Income Tax Appellate (ITAT) upheld the penalty imposed by the lower authorities under section 271B of the Income Tax Act, 1961. The bench stated that the assessee has been...
![Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Audit-Books-of-Account-Chartered-Accountant-ITAT-Income-tax-Penalty-Advice-of-Chartered-Accountant-taxscan.jpg "Failure to Audit Books of Account as per S. 44AB Not Bonafide Mistake when Assessee having Advice of Chartered Accountant : ITAT upholds Penalty [Read Order]")
Audited Books of Accounts Cannot be Rejected for want of Producing Photocopy of Bills: ITAT [Read Order]
Delhi bench of Income Tax Appellate Tribunal (ITAT) set aside the action of Commissioner of income Tax (Appeals) [CIT(A)] affirmed the additions made by the Assessing Officer (AO). The assessee,...
![Audited Books of Accounts Cannot be Rejected for want of Producing Photocopy of Bills: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Audited-Books-of-Accounts-Photocopy-of-Bills-Bills-ITAT-taxscan.jpg "Audited Books of Accounts Cannot be Rejected for want of Producing Photocopy of Bills: ITAT [Read Order]")
![VAT Dept cannot Suspect Purchases Due to Minor Discrepancies in Books: Allahabad HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/VAT-Dept-Vat-Purchases-Minor-Discrepancies-in-Books-Allahabad-Highcourt-taxscan.jpg "VAT Dept cannot Suspect Purchases Due to Minor Discrepancies in Books: Allahabad HC [Read Order]")
No Information as to Purchase in Books of Accounts was adjusted for Purchase Return: ITAT restores matter [Read Order]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), restored matter to the file of Assessing Officer (AO) on the ground that no information as to purchase in books of accounts was...
![No Information as to Purchase in Books of Accounts was adjusted for Purchase Return: ITAT restores matter [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Purchase-Purchase-in-Books-of-Accounts-Books-of-Accounts-Purchase-Return-ITAT-taxscan.jpg "No Information as to Purchase in Books of Accounts was adjusted for Purchase Return: ITAT restores matter [Read Order]")
![Assessing Officer cannot refer matter to DVO without rejecting Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Assessing-Officer-DVO-Books-of-Account-ITAT-taxscan.jpg "Assessing Officer cannot refer matter to DVO without rejecting Books of Account: ITAT [Read Order]")
Entries in Books of Account not conclusive in determining Income: ITAT holds Lease Rental paid is Revenue in Nature [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench held that entries in books of account not conclusive in determining income. During the assessment proceedings, the assessee, J.M. Morgan...
![Entries in Books of Account not conclusive in determining Income: ITAT holds Lease Rental paid is Revenue in Nature [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Entries-in-Books-of-Account-Books-of-Account-Income-ITAT-Lease-Rental-taxscan.jpg "Entries in Books of Account not conclusive in determining Income: ITAT holds Lease Rental paid is Revenue in Nature [Read Order]")