Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Estimation of income - rejection of books of accounts - Once it ...

Case Laws     Income Tax

August 21, 2019

Estimation of income - rejection of books of accounts - Once it has been found that the assessee has not voluntarily maintained its books of account, as required under the Act, the books of account have rightly been rejected and the net profit, which has been fixed at 8%, is quite reasonable - no substantial question of law arises

View Source

 


 

You may also like:

  1. Rejection of books of accounts - Estimation of income - The case laws relied upon by the ld. AR are not applicable as per facts of the present case, therefore,...

  2. 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...

  3. 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...

  4. The ITAT Ahmedabad addressed the jurisdiction of the AO over a corporate assessee with income exceeding Rs. 30 Lakhs in metro cities. The tribunal confirmed that income,...

  5. Estimation of income - NP determination - non rejection of books of accounts - The assessee has maintained regular books of account which are duly audited. A search...

  6. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

  7. Rejection of books of accounts - Estimation of income - bogus purchases - Mere certain discrepancy at the entry gate cannot be a basis of rejection of entire books...

  8. 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...

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

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

  11. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

  12. 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...

  13. 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...

  14. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

  15. Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of...

 

Quick Updates:Latest Updates