Home Highlights November 2013 Year 2013 This

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1. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

2. Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

3. Unaccounted income on sale of plots in cash - estimation of Net profit - estimation on the on- money received by the assessee - The Tribunal dismissed the Assessee's...

4. 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...

5. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

6. Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

7. Rejection of books of accounts u/s 145(3) - On money receipt - estimation of income - considering the facts that the project undertaken by the assessee comes under...

8. Undisclosed profit from unaccounted sales - CIT(A) was fair and reasonable while applying the G.P. Rate at 20% on the undisclosed sales. - AT

9. Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

10. Estimation of income - Undisclosed bank transactions - assessee himself has offered profit of 0.30% before the AO which was rejected by him who estimated such income at...

11. Estimation of net profit rate - Rejection of books of accounts - Results which are on declining scale are declared on reduced turnover over the past and subsequent years...

12. 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...

13. 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...

14. Accrual of income - Difference between the receipts as per books and form No.26AS - Assessee has shown turnover of Rs.10.09 crores, declaring GP at 9.16% and Net Profit...

15. Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...