ITAT Jodhpur held that addition on the basis of reasons not forming limited scrutiny is unsustainable as Assessing Authority cannot exceed the jurisdiction beyond the reasons specified for limited scrutiny.
ITAT Ahmedabad held that payment of interest towards compromise agreement was not made towards any infraction of law and therefore, the same is allowable under section 37 of the Income Tax Act.
ITAT Ahmedabad held that disallowance of sales commission expenses justified as there was no basis and reason for paying the commission to these agents who even otherwise were closely related to the assesse.
ITAT Jaipur held that once the penalty is levied for non-maintenance of book of accounts, there cannot be further default for not getting the same audited as required u/s 44AB of the Act.
Penalty for Non-Appointment CS – matter is returned back to Registrar of Companies advising to re-examine the issues in totality and pass fresh order by taking the above facts into consideration before passing adjudication order and imposing penalty on the Company and its defaulting officers.
Order imposes on the EP, CA Pankaj Kumar a monetary penalty of 300,000/- (Rupees Three Lakhs); and debars him for 3 (Three) years from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate.
The Audit lapses identified as a result of examination of the Audit File, related material on record and the personal hearing conducted, have been cetegorized into major lapses and other lapses
ITAT Delhi held that the interest awarded under Land Acquisition Act is not taxable, accordingly, tax on the same cannot be demanded by way of invoking jurisdiction u/s 263 of the Income Tax Act.
ITAT Ahmedabad held that book profit under section 115JB of the Income Tax Act cannot be computed by including disallowances made under section 14A of the Income Tax Act.
Capital gain tax is a tax levied by the government on the profit earned from the sale or transfer of a capital asset. A capital asset refers to any property or asset that is owned by an individual or business, such as real estate, stocks, bonds, mutual funds, and so on.
