https://www.taxtmi.com/caselaws?id=445554 The ITAT dismissed the assessee's appeal, upholding the Principal Commissioner's order under section 263 of the Income Tax Act, 1961. The ITAT confirmed that the assessment was erroneous and prejudicial to the revenue due to the failure to audit accounts as required under section 44AB, despite a turnover exceeding Rs. 1 crore. The ITAT rejected the argument that relief in a subsequent year affected the current assessment, emphasizing the necessity of separate adjudication for each year and compliance with statutory provisions. The ITAT also clarified that partner remuneration deductions under section 44AD were not permissible. en-us Wed, 08 Nov 2023 00:00:00 +0530 Fri, 10 Nov 2023 08:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445554 The ITAT dismissed the assessee's appeal, upholding the Principal Commissioner's order under section 263 of the Income Tax Act, 1961. The ITAT confirmed that the assessment was erroneous and prejudicial to the revenue due to the failure to audit accounts as required under section 44AB, despite a turnover exceeding Rs. 1 crore. The ITAT rejected the argument that relief in a subsequent year affected the current assessment, emphasizing the necessity of separate adjudication for each year and compliance with statutory provisions. The ITAT also clarified that partner remuneration deductions under section 44AD were not permissible. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445554