Home Highlights November 2011 Year 2011 This

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1. The Appellate Tribunal addressed undisclosed sales and net profit determination. The CIT(A) limited the addition to the net profit element, with the Revenue arguing for...

2. Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

3. Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

4. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

5. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

6. 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...

7. TP adjustment - The TPO has not given any reason as to why he altered the aggregate amount of Net profit. Hence the workings made by TPO is liable to rejected. We have...

8. 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...

9. The court quashed the impugned orders rejecting the appeal as the appellate authority failed to assign any reasons, violating principles of natural justice. It is...

10. Disallowance of credit of TDS under intimation u/s 143(1 ) - no reasons are assigned for a disallowance - It is only reasons that infuse life into the action of any...

11. This circular clarifies the scope of regularization on an "as is" or "as is, where is" basis mentioned in previous GST circulars issued based on GST Council...

12. Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

13. The High Court reviewed a case involving a rough assessment of tax quantum and the validity of a Best judgment assessment for determining net profit in a civil work...

14. 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...

15. Order cancelling petitioner's registration violated principles of natural justice as it was passed mechanically without application of mind and without assigning reasons....