Home Highlights November 2013 Year 2013 This

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1. 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...

2. Rejection of books of account - accounting for scrap - When no defect was pointed out in the books of account even during the course of scrutiny assessment and when the...

3. Rejection of books of accounts - The material purchased in cash or part payment made in cash is fully supported by invoices or vouchers. The same invoices were produced...

4. 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...

5. Without pointing out any defect in the books of accounts just because there are certain inflated nature of purchases on account of cash payment cannot be the basis for...

6. 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...

7. Rejection of books of accounts - the assessee is not maintaining the proper books of account with regard to stock - to plug the leakage of revenue, certain disallowance...

8. 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...

9. Rejection of books of account - Instead of making the assessment by considering the provisions of section 145(3) read with section 144, the AO has proceeded to make...

10. Rejection of books of accounts u/s 145 - Interestingly, if the observation of the AO is to be accepted, then, it would mean that once an assessee is visited with search...

11. 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...

12. Rejection of books of account U/s 145(3) - receipt and payment of the freight - providing transportation work of different parties through the third party vehicles - AO...

13. Rejection of books of account and estimation of gross profit - basis of rejection of rejection of accounts by the AO was totally erroneous and uncalled for. - AO has not...

14. Rejection of books of accounts u/s 145(3) - Various expenditure are not verifiable as expenses towards loading and unloading, labour charges & transportation are not...

15. 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...