![Addition merely based on Oath made during Survey is Invalid without Supporting Evidence: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Addition-Oath-Survey-Supporting-Evidence-ITAT-taxscan.jpg "Addition merely based on Oath made during Survey is Invalid without Supporting Evidence: ITAT [Read Order]")
Addition merely based on Oath made during Survey is Invalid without Supporting Evidence: ITAT [Read Order]
The ITAT, Kolkata bench has held that the addition made on the basis of statement made on oath by the assessee during the course of survey cannot be...
![Entire Books of Accounts cannot be rejected on the sole basis of Non-Issuance of Sale Memos: Orissa HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/12/Books-of-Accounts.jpg "Entire Books of Accounts cannot be rejected on the sole basis of Non-Issuance of Sale Memos: Orissa HC [Read Order]")
Sec 80IB does not mandate Separate Books of Accounts for claiming Deduction: Madras High Court [Read Judgment]
The Madras High Court ruled that Section 80IB of the Income Tax Act, 1961 does not mandate separate books of accounts for claiming the deduction. The assessee, M/s.Virtusa Consulting Services Pvt....
![Sec 80IB does not mandate Separate Books of Accounts for claiming Deduction: Madras High Court [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/05/Sec-80IB-Books-of-Accounts-Madras-High-Court-Taxscan.jpeg "Sec 80IB does not mandate Separate Books of Accounts for claiming Deduction: Madras High Court [Read Judgment]")
Income of Assessee to be estimated at 8% of the gross turnover, if books of accounts not maintained: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench ruled that the income of the assessee be estimated at 8% of the gross turnover if books of accounts not maintained by the assessee. In...
![Income of Assessee to be estimated at 8% of the gross turnover, if books of accounts not maintained: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/03/Income-of-the-assessee-gross-turnover-books-of-accounts-ITAT-Taxscan.jpeg "Income of Assessee to be estimated at 8% of the gross turnover, if books of accounts not maintained: ITAT [Read Order]")
CBDT directs Income Tax Officers to impose Penalty u/s 271AAD for False Entry in Books of Accounts [Read Circular]
The Central Board of Direct Taxes (CBDT) notified the penalty under section 271AAD for false entry etc. in the books of accounts. The CBDT has inserted section 271AAD in the Income Tax Act,...
![CBDT directs Income Tax Officers to impose Penalty u/s 271AAD for False Entry in Books of Accounts [Read Circular]](https://www.taxscan.in/wp-content/uploads/2021/01/CBDT-Income-Tax-Officers-Penalty-False-Entry-in-Books-of-Accounts-Taxscan.jpg "CBDT directs Income Tax Officers to impose Penalty u/s 271AAD for False Entry in Books of Accounts [Read Circular]")
Books of Accounts can’t be Rejected due to Non-Presentation during Survey: Allahabad HC [Read Judgment]
The High Court of Allahabad held that non-presentation of the books of accounts at the time of the survey cannot be the sole reason for rejection of the books of accounts. For the assessment year,...
![Books of Accounts can’t be Rejected due to Non-Presentation during Survey: Allahabad HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/02/Penalty-Books-of-Accounts-Budget-2020-Budget-Scan-Finance-Minister-Taxscan.jpg "Books of Accounts can’t be Rejected due to Non-Presentation during Survey: Allahabad HC [Read Judgment]")