Home Highlights May 2016 Year 2016 This

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1. 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...

2. 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...

3. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

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

5. 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...

6. 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...

7. Allowability of Depreciation, when income is computed on estimate basis after rejection of books of accounts - hen the Net Profit is made on estimate basis after...

8. Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory...

9. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

10. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

11. 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...

12. 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...

13. Rejection of books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross...

14. Partially rejection of books - assessee incurred the expenses for it’s two activities hence AO cannot reject books partially and if the books of the accounts are...

15. 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 -...