Non-deduction of tax at source on the export commission and validity of disallowance under section 40(a)(i)
Investment of the deposits is also the part of the business activity & so interest or dividend income of credit society would be eligible for deduction under section 80P(2).
If books of account of the assessee is rejected by Assessing Officer, item-wise disallowance can not be done. It cannot be said that it shall be good for one purpose, and not for other.
Validity of addition done purely on basis of noting in diary impounded during survey without any corroborative evidence
Post Income Tax Search and Seizure findings of incriminating material and undisclosed income cannot be pressed for supporting the authorization of an Income Tax Search- A Study
For business, no formal books of accounts required. Only compilation on the basis of bills/vouchers etc would be sufficient
Last date for submitting online applications for scrip-based schemes under the Foreign Trade Policy 2015-20 is 31 December 2021 .
“Such documents as may enable assessing Officer to compute the Income” & the Rules regarding the maintenance of books of accounts under Income Tax Act
Income Tax Rules provide for maintenance and retention of books of accounts only by person carrying on specified profession
Validity of penalty levied for non maintenance of books of accounts on the basis of statements given during survey if the audit report was furnished at the time of filing income tax return
Once it is established that order u/s 263 was made/passed within 2 years, such an order could not be said to be beyond the period of limitation prescribed u/s 263(2).
Reassessment quashed as there was tangible material in possession of AO at the time of reopening and re-pening based merely on CIB Report alone
