Home Highlights October 2014 Year 2014 This

You may also like:

1. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

2. Additions against reduction in Gross Profit Rate (GP rate) - rejection of books of accounts - - The assessee has already advanced the reasons for low profit and has...

3. Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

4. Additions u/s 40A(3) - Payment made in Cash - Since the AO has not doubted the genuineness of the expenses as no such disallowance has been made and the AO has made only...

5. Assessment of trust - addition made u/s 115BBC on account of anonymous donations - The ITAT held that the addition made by the AO was not in accordance with the...

6. Rejection of books of accounts u/sec 145(3) - assessee made bogus sales of rice - The assessee cannot be taxed doubly in same amount which was already declared in the...

7. Addition u/s 40A(3) - allegation of making huge cash payments in excess of Rs. 20,000/- As per the assessment order made u/s 144, no books of accounts were produced - in...

8. Reopening of assessment u/s 147 - AO himself did not make addition in respect of the first part of the items of reason recorded - The addition made by the AO on the...

9. The crux of the case revolves around the applicability of Section 69A read with Section 115BBE of the Income Tax Act on the addition made by the Assessing Officer (AO)...

10. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

11. Reopening of assessment u/s 147 - No addition being loan given forming the main `reason for escapement of income’ u/s 147 of the Act has been made by the AO and instead,...

12. Disallowance of interest expenditure u/s 40(A)(2)(b) - AO disallowed 3% excess interest - the assessee is justified in claiming that the bank rate of interest is a...

13. Revision u/s 263 - As on date that in an unabated year the addition can only be made on the basis of incriminating material. Therefore having regards to the legal...

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

15. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...