Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2022 Year 2022 This

Rejection of books of accounts and estimation of profit - Mere ...

Case Laws     Income Tax

February 5, 2022

Rejection of books of accounts and estimation of profit - Mere non-issuance of production of sale memos could not have been a ground to reject the entire books of account particularly since it pertained to sale of country liquor to tribal populations. Also the ITAT appears to have overlooked the fact that the books of account of the Assessee were not rejected by the Excise Department and that the ITAT itself had accepted them for the subsequent AY 2001-02.- HC

View Source

 


 

You may also like:

  1. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

  2. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

  3. Estimation of income - Bogus purchases - Rejection of books of accounts - There is no error in the finding of the ld.CIT(A) for rejection of the books of accounts as...

  4. Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

  5. The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

  6. Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of...

  7. Unaccounted sale of Gajjak, Makhane and Namkeen - rejection of books of accounts - Shortage has been equated with undisclosed sales basely solely on yield ratio. In our...

  8. Rejection of books of accounts - Estimation of income - bogus purchases - Mere certain discrepancy at the entry gate cannot be a basis of rejection of entire books...

  9. Rejection of books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross...

  10. Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

  11. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

  12. The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

  13. Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

  14. Rejection of books of accounts - Estimation of income - The case laws relied upon by the ld. AR are not applicable as per facts of the present case, therefore,...

  15. Rejection of the books of account of the assessee company u/s. 145(3) - Estimation of income - The ITAT found the rejection of books of accounts by the AO unjustified as...

 

Quick Updates:Latest Updates