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 February 2020 Year 2020 This

Rejection of books of accounts u/s 145(3) - On money receipt - ...

Case Laws     Income Tax

February 20, 2020

Rejection of books of accounts u/s 145(3) - On money receipt - estimation of income - considering the facts that the project undertaken by the assessee comes under deduction of section 80IB(10) hence, there may not be any intention to disclose the lower rate of profit. Considering these facts, and taking in to account net profit in construction business, it would be reasonable to estimate 6% of net profit on total on-money receipts - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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...

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

  4. 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...

  5. 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...

  6. Rejection of books of account - accounting for scrap - When no defect was pointed out in the books of account even during the course of scrutiny assessment and when the...

  7. Rejection of books of account and estimation of gross profit - basis of rejection of rejection of accounts by the AO was totally erroneous and uncalled for. - AO has not...

  8. Rejection of books of account - Instead of making the assessment by considering the provisions of section 145(3) read with section 144, the AO has proceeded to make...

  9. Rejection of books of accounts u/s 145(3) - trading addition - Once the books of accounts are rejected, the AO is required to estimate the gross profit in the hands of...

  10. Estimation of profit - rejection of books of accounts - keeping in view such glaring defects in the books of account and the statement of the appellant during the course...

  11. Rejection of books of accounts - estimation of deduction u/s 10A - there is undisputed and excess mistakes in the accounts. - AO has rightly rejected the books as per...

  12. Rejection of books of accounts - the assessee is not maintaining the proper books of account with regard to stock - to plug the leakage of revenue, certain disallowance...

  13. Assessment u/s 153A - unexplained investment in Hotel Building - addition under sec 69 r.w.s. 115BBE - reliance on DVO report post-search - Held, DVO report...

  14. 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,...

  15. 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...

 

Quick Updates:Latest Updates