Home Highlights October 2014 Year 2014 This

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1. Estimation of net profit - rejection of books of accounts - Once the books of account of the assessee was produced before the lower authorities and if there is certain...

2. Rejection of books of accounts - Each year have to be examined independently based on facts and materials on record, because, the matter pertaining to rejection of books...

3. 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...

4. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

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. Rejection of books of accounts - Estimation of income - The case laws relied upon by the ld. AR are not applicable as per facts of the present case, therefore,...

7. Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

8. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

9. 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...

10. 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...

11. Rejection of turnover appearing in the books of accounts - It is already well-settled that in the absence of any definite adverse material accounts kept in regular...

12. Rejection of books of accounts - This is case of action u/s 132 by the revenue wherein the cash kept at the residence of the employee could well be examined at the...

13. Rejection of books of account - accounting for scrap - When no defect was pointed out in the books of account even during the course of scrutiny assessment and when the...

14. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

15. 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...