Diallowance of expenses after estimation of profit u/s 144 - ...

Case Laws Income Tax

August 25, 2018

Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while finalising the assessment u/s144 of the Act. Method for estimating the income in the previous year of the assessee on the basis of net profit at a particular rate cannot be applied for all subsequent years - Order of ITAT set aside.

View Source

← Previous Next →

Diallowance of expenses after estimation of profit u/s 144 - ...

Case Laws Income Tax

August 25, 2018

You may also like:

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

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),...

Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

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...

Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a...

Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

Addition on account of gift and presents and general expenses - All the expenses as claimed are fully verifiable and supported by third party vouchers - AO cannot make...

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...

Addition u/s 40A(2) - Allegation of Excessive price paid to related parties - The provisions of section 40A(2) of the Act applies for making disallowance of expenses for...

Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

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

Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

Adhoc Addition on account of personal use of car, on account of tour and travelling expenses and on account of telephone expenses - When undisputedly assessee has...

Quick Updates: