Home Highlights June 2014 Year 2014 This

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

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. 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

5. 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...

6. Rejection of the books of account of the assessee company u/s. 145(3) - Estimation of income - The ITAT found the rejection of books of accounts by the AO unjustified as...

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 Book u/s 145(3) - cash sale of silver - It was obligatory on the Assessees to satisfactorily account for the creditworthiness, identity and genuineness of...

9. Estimation of income - the AO was not justified in estimating the turnover on the basis of information received from the Excise Department by rejecting books of accounts...

10. 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...

11. 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...

12. 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...

13. 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...

14. 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...

15. Rejection of books of accounts - valuation of the closing stock - gross profit margin - Assessment was complete u/s 143(3) - After that, during survey u/s 133A, assessee...