Tuesday, February 4, 2020

Furnishing audit report u/s 44AB is mandatory though audit of assessee was conducted under different Act

INCOME TAX : Where appellant failed to Furnish report of audit in prescribed form accompanied with a further report by an Accountant in prescribed form, however, failed to prove that there existed no 'sufficient cause' for failure or that there existed any 'reasonable cause' for such failure, order of penalty was justified

from www.taxmann.com Latest Case Laws https://ift.tt/2RXaGBS

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...