TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of Disallowance of deduction claimed u/s 24(b) was rejected as the assessee was incurring interest expenditure for redevelopment of the house, and the CIT(A) rightly accepted telephone bills as evidence of occupation. Regarding GP rate estimation, the AO analyzed financials and noticed a decline in GP declared, the ITAT directed sustaining 1.5% of trading sales as additional GP due to lack of records on cash discounts. On TDS u/s 194J for rent payments, the ITAT upheld CIT(A)'s findings as payments were small and within prescribed limits. Disallowance of freight expenses and auditor's fees u/s 40(a)(ia) was set aside based on a Delhi High Court ruling on retrospective application. Freight expense addition was partly allowed, excluding income offered by two parties. Cash expenses exceeding the limit u/s 40A were allowed if paid in different occasions below Rs. 20,000 each, subject to producing ledgers. Penalty u/s 271(1)(c) was deleted as most additions were set aside. Penalty u/s 140A(3) for non-payment of self-assessment tax was deleted considering the assessee's reasonable cause and subsequent payment before levy.
TaxTMI 