Net Profit rate of 8% not applicable for audit case. Net Profit rate of 6% is reasonable for business of civil construction – ITAT In a recent judgment, the ITAT Patna has held that though in the non-audit case, Net Profit rate of 8% is considered as fair …

Change in explanation of assesseee due to change of council cannot be summarily brushed aside – ITAT  In a recent judgment, the ITAT Raipur has held that the claim that explanation regarding the source of cash deposits in the assessee’s bank account as was advanced before the AO …

Agricultural income can not be doubted merely for not paying agricultural cess to Krishi Upaj Mandi – ITAT In a recent judgment, the ITAT Jodhpur has held that the agricultural income can not be disbelieved merely for not paying agricultural cess to Krishi Upaj Mandi ABCAUS Case Law …

Order u/s 148A(d) quashed for non furnishing vital information to assessee to rebut allegation of escapement of income In a recent judgment, the Hon’ble Allahabad High Court has set aside order passed u/s 148A(d) holding that when vital information was not furnished to assessee, due compliance of Section …

Financier taking possession of transport vehicle for non payment of loan is liable to pay road tax from the date of taking possession of the said vehicle  In a recent judgment, the Hon’ble Allahabad High Court has held that a financier in possession of transport vehicle is liable …

Late fee on TDS payments and payment of interest on GST is allowable expenditure u/s 37 of the Income Tax Act – ITAT  In a recent judgment, the ITAT Chennai has held that late fee paid on TDS payments and interest on late payment of GST is allowable …