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 October 2013 Year 2013 This

Allowability of Depreciation, when income is computed on ...


High Court Rules No Deductions Allowed When Income Estimated After Rejecting Books of Accounts, Including Depreciation.

October 11, 2013

Case Laws     Income Tax     HC

Allowability of Depreciation, when income is computed on estimate basis after rejection of books of accounts - hen the Net Profit is made on estimate basis after rejecting the books of account, then no deduction including depreciation is allowed - HC

View Source

 


 

You may also like:

  1. The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144,...

  2. The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

  3. Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory...

  4. Disallowance u/s 40 (a) (ia) when books of accounts was rejected - if the profit is estimated on any ground, it is not open to the Revenue to assert any right to allow...

  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. 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...

  7. The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

  8. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

  9. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

  10. 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...

  11. Once the income is estimated, after rejection of books of accounts, no other addition is permissible on the basis of rejected books - AT

  12. 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...

  13. Estimation of income - interest and salary paid to partners - The AO made the assessment by estimating the income of the assessee by rejecting the books of account by...

  14. ITAT ruled that penalty under section 271(1)(c) cannot be sustained where income assessment was based on estimated net profit rate of 24.50% versus assessee's declared...

  15. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

 

Quick Updates:Latest Updates