Income Tax : Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral ...
Income Tax : Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profess...
Income Tax : Only specified professionals can opt for presumptive taxation under Section 44ADA. Declaring less than 50% profit may trigger mand...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Section 44AA mandates maintenance of books of accounts by specified professionals and businesses exceeding prescribed limits. Lear...
Income Tax : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal held that entries found in third-party ERP software during a search cannot alone justify unexplained investment addit...
Income Tax : The Tribunal held that the CIT(A) improperly admitted additional evidence without satisfying Rule 46A conditions or recording reas...
Income Tax : The Tribunal held that absence of bills for agricultural sales cannot justify addition under Section 69A. Where cultivation and la...
Income Tax : The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered unde...
Ashok Kumar Dutta Vs DCIT (ITAT Kolkata) Notice u/s 274 read with section 271A of the Income Tax Act, 1961. The word maintained and retained has been used in section 271A of the Act .If assesseee fails to maintain or fails to retain such books of accounts and other documents . The Income tax authority […]
