Income Tax Department conducts Searches in a major Telecom Group
The Income Tax Department conducted search & seizure operations on a multinational group, engaged in distribution of telecom products and...
![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]](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]")
Demise of Chartered Accountant not a reasonable cause for not Auditing Books of Accounts: ITAT [Read Order]
The demise of the Chartered Accountant of the assessee cannot be a ‘reasonable cause’ for not auditing books of accounts under the Income Tax Act, 1961, said the Cochin bench of the Income Tax...
![Demise of Chartered Accountant not a reasonable cause for not Auditing Books of Accounts: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/05/CA-Chartered-Accountant-Taxscan.jpg "Demise of Chartered Accountant not a reasonable cause for not Auditing Books of Accounts: ITAT [Read Order]")