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AO can't reject books of account without finding any material defect in it: ITAT

February 21, 2019[2019] 103 taxmann.com 196 (Jaipur - Trib.)/[2019] 69 ITR(T) 261 (Jaipur - Trib.)/[2019] 175 ITD 557 (Jaipur - Trib.)

IT: Without there being any material defects found in books of account, same could not have been rejected on ground that assessee had declared less gross profit for year under consideration or day-to-day moment of material was not reflected in stock register

IT: Where aspect of not accepting book results of assessee was not subject matter of assessment before Assessing Officer, Commissioner (Appeals) erred in making addition by rejecting books of account

IT: Where assessee made payments on account of transportation of goods to various contractors and Assessing Officer having noticed that assessee had not deducted tax at source on such payments disallowed same under section 40(a)(ia), since assessee had submitted requisite information as required under section 194C(6), disallowance under section 40(a)(ia) had rightly been deleted

IT: Amendment made to section 40(a)(ia) by Finance Act, 2015 is remedial in nature and retrospective in applicability

IT: Where payment of PF and ESI could not be made on or before due date under relevant Acts but same was deposited on or before due date of filing of returns under section 139, said amount could not be disallowed

IT: Where assessee had explained availabilities of interest free funds for giving interest free advances to group concern, no disallowance on account of interest was called for

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