ITAT Orders

As per section 5, the total income of any previous year of a person who is a resident includes all income from whatever source derived

Section 10AA provides special provisions for computation of total income of newly established Units in Special Economic Zones (SEZs)

Section 14A (1) no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income

Section 28, The following income shall be chargeable to income-tax under the head Profits and gains of business or profession - any compensation or other payment due to or received..

Section 37 provides general deductions under income tax. (1) Any expenditure incurred exclusively for the purposes of the business or profession shall be allowed in computing the taxable income

Section 135 (1) Every company having specified net worth or turnover or net profit during the preceding FY shall constitute a Corporate Social Responsibility Committee

Section 44AA of income tax provides maintenance of accounts by the person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy.

Section 44AB of the Income Tax Act provides provisions related to an audit of accounts of specified businesses or professionals. Read more about section 44

Section 271B of Income-tax provides penal provisions If any specified person fails to get his accounts audited in respect of any previous year or years relevant to an assessment year. Read more about section 271B..

No penalty shall be imposable on the person or the assessee if he proves that there was reasonable cause for the said failure. Read full text of Section 273B.

Section 234B (1) an assessee who is liable to pay advance tax under section 208 has failed to pay such tax, the assessee shall be liable to pay simple interest u/s 234b

Section 234C (1) Where in any financial year he advance tax paid by such assessee on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or befo