Home Highlights September 2014 Year 2014 This

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

2. Addition on account of low GP - cause and effect relationship between the defect found by the AO and the addition made - AO rejected the book results as unreliable, but...

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. 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. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

6. 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...

7. Penalty u/s 271(c) was imposed on additions of 25% of non-verifiable purchases debited to the trading account. The addition was made on estimation of total turnover...

8. 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...

9. 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...

10. 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...

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

12. Addition on account of share premium received by the assessee u/s 56(1) - income from other sources - the addition has been admittedly made by the ld. AO u/s.56(1) of...

13. Trading addition - Estimation of income - bogus purchases - when purchased are duly accepted by the VAT Department including the sales and manufacturing account and the...

14. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

15. Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...