Suppression of sales turnover - estimation suppressed turnover - ...

High Court rules against flawed sales turnover estimation by AO; emphasizes comprehensive analysis over isolated data points.

August 18, 2016

Case Laws VAT and Sales Tax HC

Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

View Source

← Previous Next →

Suppression of sales turnover - estimation suppressed turnover - ...

High Court rules against flawed sales turnover estimation by AO; emphasizes comprehensive analysis over isolated data points.

August 18, 2016

Case Laws VAT and Sales Tax HC

You may also like:

Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual...

Estimation of exempted turnover and taxable turnover - SAIL was unable to produce materials to show to what extent the canteen sales included sale of tax-free goods and...

ITAT ruled on unexplained purchases under s.69C and unaccounted sales. For unexplained purchases in non-edible oil business, ITAT directed estimation of profit at 8%...

In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A),...

The case pertains to the validity of reopening of assessment by the Assessing Officer (AO) and the characterization of short-term capital gains (STCG) from the sale of...

Bogus purchases on the basis of investigation conducted by the Sales Tax Department - AO has accepted the sales turnover disclosed by the assessee. Therefore, unless,...

Estimation of gross profit - the sale price of the product sometimes may be less than the purchase price when the market trend is going down. Therefore, based on the...

AO made addition u/s 69A treating assessee's cash deposits during demonetization period as unexplained income on assumption of inflated/bogus sales without any cogent...

Export turnover brought into India does not qualify as 75% of total turnover for claiming exemption u/s 10A. Expenditure incurred in foreign exchange must be excluded...

HC dismisses revision. Differential amount received by petitioner due to foreign exchange fluctuation constitutes "turnover" under KGST Act. Amount represents...

Valuation - inclusion of the turnover of liquor sold in the petitioner's hotel while computing taxable turnover - the petitioner is not required to include the turnover...

Addition to sales turnover - difference in the value of stock transfer(F-Form) and books of accounts - the authorities have not considered that suppression in the sale...

Excise duty & Sales Tax to be excluded from turnover for computing deduction u/s 80HHE - AT

Estimation of income - Bogus purchases - Rejection of books of accounts - There is no error in the finding of the ld.CIT(A) for rejection of the books of accounts as...

Quick Updates: