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Income Tax - Highlights / Catch Notes

Home Highlights November 2023 Year 2023 This

Revision u/s 263 - Failure to get books of account audited u/s ...

Income Tax

November 10, 2023

Revision u/s 263 - Failure to get books of account audited u/s 44AB - Incorrect claim of benefit of section 44AD - The assessee has not only failed to get its accounts audited, but while taking benefit and recourse u/sec. 44AD, it had even deducted the remuneration paid to partners, which is not allowable as deduction u/sec. 44AD of the Act. - AT

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  1. Penalty levied u/s 271B - failure to get accounts audited u/s 44AB - books of account and other relevant documents were destroyed by natural calamity, i.e. flood - No penalty

  2. Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB...

  3. Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments...

  4. Failure to audit accounts u/s 44AB – the contention that the receipts which was received by him was received in a fiduciary capacity which did not belong to him is acceptable - AT

  5. Penalty u/s 271B - in absence of maintenance of books of account, question to get accounts audited u/s 44AB doesn't arise - No penalty

  6. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

  7. Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and...

  8. Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

  9. Revision u/s 263 - AO made no enquiry for details of deposits neither anyalysed identity, genuineness and creditworthiness nor examined eligibility for deduction u/s....

  10. Revision u/s 263 - violation of the provisions of section 40A(3) - CIT is not justified in invoking jurisdiction u/s 263 on the strength of an audit note - AT

 

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