Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section

Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1)  to section 271(1)(c). This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 954 2016 (06) ITAT Assessment …

ICAI fake websites with deceptively similar name – Advisoty

ICAI fake websites advisory for Members Students. icai-org.in and icairesults.info according to ICAI are deceptively similar to its official website  Advisory for Members & Students of ICAI in respect of a fake website Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and …

FDR Interest Business Income-No addition when books rejected. AO cannot fall back upon same books for making addition of interest reflected therein

FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held by another ITAT reported in ABCAUS 951 (2016) (06) ITAT, it has been held by ITAT that where the books of accounts were rejected and profits were estimated applying 10%  net …
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