Home Highlights February 2014 Year 2014 This

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1. Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

2. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

3. 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...

4. 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...

5. 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...

6. 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...

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

8. Rejection of Books of Account - The Assessing Officer was unable to pinpoint as to any specific defect noticed during course of the proceedings except that the Books of...

9. Valuation - inclusion of freight in the sales turnover - the entry in the books of account appropriating the amount of freight towards expenses and not including it in...

10. Rejecting the books of accounts on this ground is not justified because the books have actually been prepared much after the close of the accounting year - the books...

11. 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...

12. 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 -...

13. 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...

14. Assessment u/s 144 - estimation of income - Method of accounting - Non rejection of books of account - disallowance of expenses, addition of inflated purchases and...

15. Assessment u/s 153A - unexplained investment in Hotel Building - addition under sec 69 r.w.s. 115BBE - reliance on DVO report post-search - Held, DVO report...