Method of accounting - income recognition - Addition made on ...

Case Laws Income Tax

October 6, 2015

Method of accounting - income recognition - Addition made on estimation basis on construction of housing projects - CIT(A) cannot substitute his assessment to say that the assessee has postponed the tax liability - AT

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Method of accounting - income recognition - Addition made on ...

Case Laws Income Tax

October 6, 2015

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

Addition on account of revenue recognition following percentage of completion method (POCM) - as per AO assessee had incurred substantial expenses on construction but...

Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

Addition made by the AO on account of receipts on which commission was paid by the assessee - The addition now being made of the same by estimation on the basis of...

Assessment u/s 144 - estimation of income - Method of accounting - Non rejection of books of account - disallowance of expenses, addition of inflated purchases and...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Estimation of income - Since the addition made by the AO on account of trading income based on net profit rate applied by the AO has been deleted and the income declared...

Revenue recognition - accrual of income - Estimation of income - Even if books have been rejected the estimation of income has to be done on a reasonable basis as per...

Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

The assessee followed the project completion method for income recognition since inception. The transitional provisions stipulate that for projects commenced before...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Penalty u/s 271(c) was imposed on additions of 25% of non-verifiable purchases debited to the trading account. The addition was made on estimation of total turnover...

Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

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...

Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

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