Rejection of books of accounts - GP estimation - Fall in gross ...

Decline in Gross Profit Ratio Alone Insufficient for Rejecting Books and Best Judgment Assessment.

October 1, 2018

Case Laws Income Tax HC

Rejection of books of accounts - GP estimation - Fall in gross profit ratio could be due to various reasons, and cannot be the sole and only ground to reject the book results in entirety and frame best judgment assessment

View Source

← Previous Next →

Rejection of books of accounts - GP estimation - Fall in gross ...

Decline in Gross Profit Ratio Alone Insufficient for Rejecting Books and Best Judgment Assessment.

October 1, 2018

Case Laws Income Tax HC

You may also like:

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...

The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

Books of accounts accepted as maintained properly. Net profit not estimated by authorities as gross profit rate improved compared to previous year. Fall in net profit...

Assessment u/s 153A - Bogus purchases - Admittedly in subsequent years there was no seized material available and the learned assessing officer has not extrapolated the...

Best judgement assessment - There appears to be divergents views insofar as the question as to whether the consumption of electricity can constitute the sole basis for...

U/s 144 book results cannot be rejected only on the ground of decrease or difference in gross profit rate compared to other years or another assessee. Neither can the...

Assessee's appeal allowed. Rejection of books of accounts by AO not justified as no detailed findings given while estimating gross profit at 30%. AO adopted opening and...

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...

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

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...

Best judgment assessment - Order of ITAT modified for determining the profit rate @ 8% instead of 12.5% on gross contract receipt subject to allowing depreciation,...

Best judgment assessment - dealing in gold as commission agent - Estimate of Profit Ratio - In the absence of any evidence placed by the Assessee, he cannot simply...

Best judgement assessment u/s 144 - CIT(A) wrongly substituted the best judgement of the AO with his own judgement contrary to the provisions of section 144 of the Act

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

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...

Quick Updates: