Rejection of books of accounts - Estimation of income @ 2% of ...

Court Rules Selling at Low Margin Not Valid Reason to Reject Books of Accounts; Income Estimation at 2% Upheld.

December 25, 2014

Case Laws Income Tax AT

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

View Source

← Previous Next →

Rejection of books of accounts - Estimation of income @ 2% of ...

Court Rules Selling at Low Margin Not Valid Reason to Reject Books of Accounts; Income Estimation at 2% Upheld.

December 25, 2014

Case Laws Income Tax AT

You may also like:

The High Court dismissed the appeal filed u/s 260A, holding that no substantial question of law arises. The Assessing Officer had rejected the assessee's books of...

Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

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

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...

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...

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...

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...

The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144,...

Reopening of assessment u/s 147 - Reasons to believe or suspect - huge share transaction - The court held that the reasons provided by the Assessing Officer for...

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...

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...

Addition being 10 percent out of various expenses - books of assessee are duly audited under section 44AB of the Act - The Appellate Tribunal upheld the arguments...

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...

Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

Quick Updates: