Rejection of books of accounts - NP rate determination - ...

Higher Net Profit Rate Needs Specific Defects in Accounts; Mere Rejection of Books Insufficient, Says Court.

December 8, 2021

Case Laws Income Tax AT

Rejection of books of accounts - NP rate determination - Rejection of books of account is no ground for application of higher net profit even if books of accounts are rejected on one or the other ground, this in itself does not give liberty to the A.O. for making trading addition unless something specific is pointed out. - Average rate of last two years can be applied in case of GP application only. But where application of NP rate is concerned then you have to pointed out specific defect for the expenditure debited in P&L A/c which has not been done by the ld. AO as well as ld. CIT(A). - AT

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Rejection of books of accounts - NP rate determination - ...

Higher Net Profit Rate Needs Specific Defects in Accounts; Mere Rejection of Books Insufficient, Says Court.

December 8, 2021

Case Laws Income Tax AT

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