![Books Rejected for Absence of Stock Register and Abnormal Cash Sales: ITAT Upholds Rejection and Confirms 5% Profit Estimation u/s 145(3) [Read Order]](https://images.taxscan.in/h-upload/2025/07/30/500x300_2070842-books-rejected-absence-stock-register-abnormal-cash-sales-itat-upholds-rejection-confirms-5-profit-estimation-taxscan.webp "Books Rejected for Absence of Stock Register and Abnormal Cash Sales: ITAT Upholds Rejection and Confirms 5% Profit Estimation u/s 145(3) [Read Order]")
Books Rejected for Absence of Stock Register and Abnormal Cash Sales: ITAT Upholds Rejection and Confirms 5% Profit Estimation u/s 145(3) [Read Order]
The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) upheld the rejection of books of accounts under Section 145(3) of the Income Tax Act,...
![Reassessment Proceedings Initiated Without Documentary Evidence and Based on Borrowed Satisfaction: ITAT Quashes Proceedings [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/05/Reassessment-Proceedings-ITAT-ITAT-Quashes-taxscan.jpg "Reassessment Proceedings Initiated Without Documentary Evidence and Based on Borrowed Satisfaction: ITAT Quashes Proceedings [Read Order]")
![85% of Unaccounted Cash Receipts as Income: ITAT Directs AO to Tax based on Net Profit [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/ITAT-ITAT-Pune-Net-Profit-Tax-Based-on-Net-Profit-Taxscan.jpg "85% of Unaccounted Cash Receipts as Income: ITAT Directs AO to Tax based on Net Profit [Read Order]")
![No Addition to Net Profit to be Made without Recomputing Trading Result u/s 145(1) of Income Tax Act: Punjab & Haryana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/Income-tax-Punjab-and-Haryana-High-Court-Section-1451-income-tax-act-Trading-result-computation-taxscan.jpg "No Addition to Net Profit to be Made without Recomputing Trading Result u/s 145(1) of Income Tax Act: Punjab & Haryana HC [Read Order]")
Income shall be determined on Net Profit even though Society is not Registered u/s 12A of Income Tax Act: ITAT allows Deduction of Expenditure [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) allowed deduction of expenditure and held that the income shall be determined on net profit even though the society is not registered...
![Income shall be determined on Net Profit even though Society is not Registered u/s 12A of Income Tax Act: ITAT allows Deduction of Expenditure [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-shall-be-determined-on-Net-Profit-even-Society-Registered-Income-Tax-Act-ITAT-allows-Deduction-of-Expenditure-TAXSCAN.jpg "Income shall be determined on Net Profit even though Society is not Registered u/s 12A of Income Tax Act: ITAT allows Deduction of Expenditure [Read Order]")
8% Income Over the Gross Revenue is Unjustifiable: ITAT Restricts Net Profit Rate of 6% in Civil Contract Business [Read Order]
The Income Tax Appellate Tribunal (ITAT), Patna Bench, has recently, in an appeal filed before it, while restricting the net profit rate of 6% in civil contract business, held that 8% income over the...
![8% Income Over the Gross Revenue is Unjustifiable: ITAT Restricts Net Profit Rate of 6% in Civil Contract Business [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/11/Income-Gross-Revenue-Net-Profit-Civil-Contract-Business-taxscan.jpg "8% Income Over the Gross Revenue is Unjustifiable: ITAT Restricts Net Profit Rate of 6% in Civil Contract Business [Read Order]")
No Need to report on Net Profit/(loss) after Tax and Cash Flows of branches If Such Details are not contained in Financial Statements: ICAI issues Advisory
The Institute of Chartered Accountants of India ( ICAI ) has issued Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats for limited review/audit report of...
