Estimation of income - declaring less GP rate for the year under ...

Case Laws Income Tax

April 9, 2020

Estimation of income - declaring less GP rate for the year under consideration in comparison to the preceding years - The rejection of books of account would not be ifso facto result an addition if the assessee has declalred the profit in line with the prevailing profit in the trade /industry or in line with the past history of the assessee - AT

View Source

← Previous Next →

Estimation of income - declaring less GP rate for the year under ...

Case Laws Income Tax

April 9, 2020

You may also like:

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...

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...

Computation of assessee income - GP estimation - For applying section 44 AF, it is clear that the total turnover of the assessee must be less than 40 lakhs of rupees. In...

The case involves bogus purchases u/s 69C, with the assessee dealing in bullion. The Gross Profit (GP) rate estimation is crucial. The assessee argued that the GP rate...

Estimation of gross profit - There is a change in the business model of the assessee as compared to the previous year which has apparently escaped the attention of the...

Bogus purchases - profit estimation on alleged party @ 12.50% - no material to substantiate the view taken by the AO - comparing the GP rate on other purchases and...

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),...

Taxable income - Relevant assessment year - if the assessee is paying tax at the maximum marginal rate for the preceeding year as well as for the year under...

Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

Understatement of sales price / turnover - there was no allegation by the Revenue that the assessee by making the sale at a price lower than the cost of purchase has...

Disallowance u/s.14A r.w.r. 8D - whether exempt income during the year under consideration? - there is no opening and closing balances of mutual fund. Meaning thereby,...

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...

Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

Estimation of income - when the variation in the GP is insignificant and there is an increase in the turnover of the assessee of more than three times then there is no...

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

Quick Updates: