Home Highlights September 2013 Year 2013 This

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1. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...

2. Rejection of books of accounts - NP rate determination - Rejection of books of account is no ground for application of higher net profit even if books of accounts are...

3. 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...

4. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

5. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

6. Additions against reduction in Gross Profit Rate (GP rate) - rejection of books of accounts - - The assessee has already advanced the reasons for low profit and has...

7. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

8. Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

9. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

10. Rejection of books of accounts - Addition of unaccounted sales - the material found during the survey proceedings showed that the books of accounts were not correctly...

11. 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...

12. Estimation of net profit - rejection of books of accounts - Once the books of account of the assessee was produced before the lower authorities and if there is certain...

13. 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...

14. Rejection of turnover appearing in the books of accounts - It is already well-settled that in the absence of any definite adverse material accounts kept in regular...

15. Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...