Tag Archives: Section 44AB income tax

Income Tax Audit not done u/s 44AB : No penalty if assessee acted bona fide

By | November 24, 2017

Held Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet.The said method… Read More »

How to Compute turnover for 44AB audit in case of sale of share without delivery : ITAT Clarified

By | June 27, 2000

IN THE ITAT MUMBAI BENCH ‘B’ Growmore Exports Ltd. v. Assistant Commissioner of Income-tax PRADEEP PARIKH, ACCOUNTANT MEMBER AND R.P. TOLANI, JUDICIAL MEMBER IT APPEAL NOS. 5893, 5896 AND 5897 (BOM.) OF 1995 [ASSESSMENT YEAR 1990-91] JUNE 27, 2000 Vijay B. Mehta and D.D. Shah for the Appellant. R.G. Sharma for the Respondent. ORDER Per Shri Pradeep Parikh, Accountant Member – Three… Read More »