Addition of difference in sales – there was no justification in ...

Tax Authorities Must Justify Sales Rejection Under Accounting Standard AS-7 for Accurate Tax Assessment.

December 23, 2014

Case Laws Income Tax AT

Addition of difference in sales – there was no justification in not accepting the sales recorded by the assessee in its books of accounts as per Accounting Standard AS-7 - AT

View Source

← Previous Next →

Addition of difference in sales – there was no justification in ...

Tax Authorities Must Justify Sales Rejection Under Accounting Standard AS-7 for Accurate Tax Assessment.

December 23, 2014

Case Laws Income Tax AT

You may also like:

Recognition of contract revenue under Accounting Standard (AS) 7 - Maintenance activities cannot be clubbed with the construction activity. Having gone through the...

Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of...

This notification amends the Companies (Indian Accounting Standards) Rules, 2015 by inserting provisions related to accounting for sale and leaseback transactions under...

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

Corporate debtor's account correctly declared as non-performing asset (NPA) due to failure to renew cash credit facilities and provide required financial documents for...

Income Taxes - Ind AS-12 of the Companies (Indian Accounting Standards) Rules, 2015 as amended

Where whole of the turnover has escaped assessment on account of not passing an assessment order, the provisions of Section 29(1) of the Act, 2008 can be invoked by the...

Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

Obsolete inventory written off in accordance with accounting standards and audited financial statements should be allowed as deduction. Coordinate Bench in BG...

Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The...

Demand of tax - Rejection of books of accounts - In the absence of any material to show that the assesee revisionist was indulging any central sales, the authorities...

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

Attachment of Bank Accounts including cash credit account - when no amount lying in the cash credit account belongs to the petitioner, the question of attaching such...

Central Government amends Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. Key changes: Substitutes form numbers...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Quick Updates: