Home Highlights March 2014 Year 2014 This

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1. Penalty u/s 271B - assessee failed to get his account audited and furnish report u/s 44AB even after release of documents where were seized by the authorities - If the...

2. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

3. Appeal ex-parte decided by CIT-A - AO objected to admission of the additional evidence - Audited financial statements and audited report could not be filed during the...

4. Levy of penalty u/s 271B - failure to get accounts audited as per the provisions of section 44AB - From the perusal of the profit and loss account we further find that...

5. Addition in respect of closing construction work-in-progress (WIP) - Valuation - When there is no change in number of items of inventory of construction WIP as shown in...

6. Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

7. Penalty u/s 271B - the books of account of the Assessee have also been audited only on 30.09.2011, however it seems that somehow due to inadvertent or otherwise mistake...

8. Investor Education and Protection FundAuthority (Accounting, Audit, Transfer and Refund)Second Amendment Rules, 2019

9. Computation of book profits for the purpose of computing the tax liability u/s. 115JB - two sets of books of account - there is no material on record indicating the...

10. Additions towards difference in the 26AS (TDS statement) and the books results - books of account of the assessee duly audited - We have noted that the audited books of...

11. Validity of order passed u/s. 201(1)/201(1A) - period of limitation - expiry of two years from the end of the financial year in which TDS statement was filed - As...

12. Income from 'seconds' - block assessment in the light of the provisions of section 158BA - No law permits maintenance of two sets of accounts, i.e., one unaccounted and...

13. Penalty u/s. 271B - Failure to get accounts audited - assessee has filed the audit report before the AO during the course of penalty proceedings, got his accounts...

14. Due date for filing of Income Tax Returns - benefit of carry forward of loss - RBI permission letter mandating the assessee to get his accounts audited - Extension of...

15. Set-off of brought forward business losses against current year business income - due date of filing of ITR u/s 139(1) - It is audit case or not - Before us also the...