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Electronic Commerce: Benefits on Implementation
Others on Feb. 26, 2018Electronic Commerce (e-Commerce) and its related technologies are unquestionably the current leading-edge business and finance delivery systems for the 21st Century. The explosion in the application of technologies and the delivery of these technologies into the hands of consumers has made the vision, the dream, the fantasy, of conducting business electronically, anywhere in the global community, a reality. Electronic Commerce (EC) is no longe…
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Penalty quashed where AO did not find any inaccuracy or concealment in return
Income Tax on Jun. 02, 2016Assessment was completed u/s 153C r.w. s 153A/143(3) at a total income of Rs 18,61,810 as against NIL income declared by assessee. AO noticed that assessee had set off brought forward business losses of AY 2005-06. AO added it back to assessees income, and imposed penalty u/s 271(1)(c). CIT(A) confirmed the penalty. ITAT held that AO went wrong in finding discrepancy in assessee's return thus quashed the penalty.-501634
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Attendance at Inventory Taking: Duties of Auditor.
Co. Law, Sebi, Audit & A/c on Mar. 20, 2018Attendance at Inventory is a critical aspect of auditing the inventory of an organization. In this article, we shall talk about how an auditor should perform this action in the course of his audit.
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ITAT upheld penalty u/s 271D for contravening section 269SS
Income Tax on Jun. 03, 2016AO observed that assessee had deposited cash on various dates totalling Rs 7.5 lakhs. As assessee was unable to provide information on the source of cash, AO made addition u/s 68 for unexplained cash credit. Before CIT(A) source of cash was explained and CIT(A) deleted addition. Further , AO imposed penalty u/s 271D, as assessee had contravened s 269SS by taking loan exceeding Rs 20,000. CIT(A) and ITAT upheld the penalty. -501639
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