Failure to furnish Audit Report of Accounts Audited by Cooperative Department Auditor within specified date u/s 44AB of the Income Tax Act: ITAT Upholds Penalty
The Cochin Bench of Income Tax Appellate Tribunal (ITAT) has held that the Co-operative department auditor failed to furnish audit report of...
![Failure to File TDS/TCS Prior to Amendment of S. 200A of Income Tax Act shall not subject to Late Fee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/File-TDS-TDS-TCS-Amendment-of-S-200A-of-Income-Tax-Act-Amendment-Income-Tax-Act-Income-Tax-Late-Fee-ITAT-Tax-Taxscan.jpg "Failure to File TDS/TCS Prior to Amendment of S. 200A of Income Tax Act shall not subject to Late Fee: ITAT [Read Order]")
![Relief to Hi-Lite Builders: ITAT deletes Retrospective Disallowance by AO u/s 40(a)(ia) [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/Relief-to-Hi-Lite-Builders-Hi-Lite-Builders-ITAT-ITAT-deletes-Retrospective-Disallowance-Retrospective-Disallowance-Disallowance-Retrospective-Disallowance-by-AO-taxscan-.jpg "Relief to Hi-Lite Builders: ITAT deletes Retrospective Disallowance by AO u/s 40(a)(ia) [Read Order]")
![TDS Credit in respect of Interest Received from Deceased Wife’s Deposit cannot be Denied to Assessee: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/04/TDS-Credit-TDS-Interest-Received-Interest-Deposit-Deceased-Wife-Assessee-ITAT-Taxscan.jpg "TDS Credit in respect of Interest Received from Deceased Wife’s Deposit cannot be Denied to Assessee: ITAT [Read Order]")
![Stamp Duty Collected from Customers Treated as Trading Receipt under 43B(a) Allowable: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Stamp-Duty-Customers-Trading-Receipt-ITAT-taxscan.jpg "Stamp Duty Collected from Customers Treated as Trading Receipt under 43B(a) Allowable: ITAT [Read Order]")
Carry Forward of Business Loss cannot be denied merely for not getting Statutory Audit / Tax Audit done: ITAT [Read Order]
The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the carry forward of business loss cannot be denied to the assessee merely on the ground that the statutory audit/tax audit...
![Carry Forward of Business Loss cannot be denied merely for not getting Statutory Audit / Tax Audit done: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/03/Carry-Forward-Business-Loss-denied-Statutory-Audit-Tax-Audit-ITAT-Taxscan.jpg "Carry Forward of Business Loss cannot be denied merely for not getting Statutory Audit / Tax Audit done: ITAT [Read Order]")
![Micro Finance Activity is not ‘Charitable’: ITAT denies Tax Exemption to Trust [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/03/Micro-Finance-Activity-ITAT-Taxscan.jpg "Micro Finance Activity is not ‘Charitable’: ITAT denies Tax Exemption to Trust [Read Order]")
Financial Crisis and Labour Unrest are Sufficient Reasons to Condone Delay in Filing Appeal: ITAT [Read Order]
The Cochin bench of the Income Tax Appellate Tribunal (ITAT) has held that the reasons such as financial crisis and labour unrest are enough grounds for condoning the delay in filing an appeal under...
![Financial Crisis and Labour Unrest are Sufficient Reasons to Condone Delay in Filing Appeal: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/02/Filing-Appeal-Financial-Crisis-Taxscan-1.jpg "Financial Crisis and Labour Unrest are Sufficient Reasons to Condone Delay in Filing Appeal: ITAT [Read Order]")
Foreign Exchange Loss to be allowed as Revenue Expenditure and is to be charged into the Profit and Loss Account: ITAT [Read Order]
The Cochin Bench of the Income Tax Appellate Tribunal in the case of M/s Baby Memorial Hospital v. The Assistant Commissioner of Income Tax ruling in favour of the assessee held that Foreign Exchange...
![Foreign Exchange Loss to be allowed as Revenue Expenditure and is to be charged into the Profit and Loss Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/11/Foreign-Exchange-ITAT-Taxscan.jpg "Foreign Exchange Loss to be allowed as Revenue Expenditure and is to be charged into the Profit and Loss Account: ITAT [Read Order]")
![No TDS u/s 194B on Prize won in Gift Coupons: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/11/Gift-Coupons-Taxscan.jpg "No TDS u/s 194B on Prize won in Gift Coupons: ITAT [Read Order]")
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]")
![Non-Production of Audit Report in Prescribed Format would attract Penalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/01/Audit-Report-Taxscan.jpg "Non-Production of Audit Report in Prescribed Format would attract Penalty: ITAT [Read Order]")