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Case Law Details

Case Name : CIT Vs Somnath Buildtech Pvt. Ltd. (Delhi High Court)
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CIT Vs Somnath Buildtech Pvt. Ltd. (Delhi High Court)

The Revenue in these proceedings admits to the genuineness of the expenditure. There is also no dispute that the Assessee is bound to draw up its Profit and Loss account and balance sheet in compliance with the accounting standards of the ICAI. The learned counsel for the Respondent has failed to point out any ground for contending that the Guidance Note issued by ICAI for applying the Accounting Standard (AS-7) is not applicable to the Assessee. The contention of the Revenue that the disallowed expe

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Author Bio

Mr.Kapil Goel B.Com(H) FCA LLB, Advocate Delhi High Court advocatekapilgoel@gmail.com, 9910272804 Mr Goel is a bachelor of commerce from Delhi University (2003) and is a Law Graduate from Merrut University (2006) and Fellow member of ICAI (Nov 2004). At present, he is practicing as an Advocate View Full Profile

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Reassessment Under Section 147 Invalid When Based on Search Findings Mechanical Approval with Vague and Scanty Reasons is invalid: ITAT Kolkata ITAT should not direct Remand on Legal & Factual Issues: Telangana HC Only Actual Income Earned from Bogus Sale & Purchase can be Taxed as Income Mechanical Approval Under Section 153D Without entry in Order Sheet is Fatal View More Published Posts

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