Assessee cannot be penalized for non response or non attendance by creditors in response to notice when all details regarding creditors were furnished discharging the onus. If some enquiry was not completed by AO, the CIT(A) could have also undertaken necessary exercise-ITAT ABCAUS Case Law Citation: ABCAUS 2175 …
No requirement to file Form-10B at the time of registration u/s 12AA. Audit Report in Form 10B is to be filed along with return of income. Rejection application for Registration saying that mere recital of objects or activities without cogent or corroborative evidence not sufficient was wrong when …
Educational qualification and age limit for TRP relaxed, incentive increased, non-refundable deposit made compulsory as per Return Preparer (Amendment) Scheme, 2018 Government of India has designed the Tax Return Preparer Scheme (TRP Scheme) to assist small and medium taxpayers in preparation of their return of income and other …
Revised Standard on Auditing SA-720. The Auditor’s Responsibilities Relating to Other Information ICAI has issued revised Standard on Auditing SA-720. The Standard on Auditing (SA) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included …
No Addition for cash deposits in bank when sufficient cash is in hand. Assessee not supposed to keep track of notes withdrawn from bank and tally them with deposit made in bank account. ABCAUS Case Law Citation: ABCAUS 2173 (2018) (01) ITAT The Challenge/Grievance: The instant appeal was …
Concealment penalty deleted as assessee was unaware of tax on sale of property. Assessee agreed to pay taxes on the capital gain and paid the tax same date the assessment order was passed ABCAUS Case Law Citation: ABCAUS 2172 (2018) (01) ITAT The Challenge/Grievance: The main grievance of …
