Transit rent paid to tenant who suffers hardship due to dispossession does not fall within the definition “rent” under section 194I – ITAT  In a recent judgment, the ITAT Mumbai has held that transit rent paid to tenant who suffers hardship due to dispossession does not fall within …

Size of the residential house is not a criteria for claiming exemption u/s 54F – ITAT  In a recent judgment, the ITAT Delhi has held that size of the residential house is not a criteria for claiming exemption u/s 54F ABCAUS Case Law Citation:ABCAUS 4065 (2024) (06) ITAT …

ICAI to debar student taking mobile phones inside the examination hall for 5 years As per ICAI Announcement, it has decided to debar student taking mobile phones inside the examination hall for 5 years  As per the policy of Examination Department of the Institute of Chartered Accountants of …

AO refused to accept Tax Audit Report as schedule were not signed by CA. High Court remanded the matter  In a recent judgment, the Hon’ble High Court of Karnataka remanded the matter to Assessing Officer (AO) for fresh consideration where he refused to accept Tax Audit Report of …

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 …