Tag: estimated additions

  • Mumbai ITAT Decision: Tax Authorities Must Accept Declared Profits if Books Not Rejected

    Mumbai ITAT Decision: Tax Authorities Must Accept Declared Profits if Books Not Rejected

    This ruling serves as a vital precedent for taxpayers facing ex-parte assessments. It reinforces that tax authorities cannot disregard audited financial statements without valid grounds for rejection. Additionally, it highlights the importance of analyzing the actual date of property transactions rather than relying solely on the date of TDS payments when determining the correct assessment…

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