Home Highlights August 2016 Year 2016 This

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1. Suppression of tax - alleged unaccounted sales - scope of the word 'an estimate' - one need not dwell into all details furnished by the Intelligence Officer in...

2. Estimation of profit of Suppressed turnover - Generally in real estate/contract cases, profit is estimated at 12.5%. As assessee has mostly sold real estate plots, we...

3. Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual...

4. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

5. Estimation of profit on the suppressed sale - Additional undisclosed income - the revenue has not brought any material on record suggesting that the assessee has made...

6. 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...

7. Estimation of gross profit - the sale price of the product sometimes may be less than the purchase price when the market trend is going down. Therefore, based on the...

8. Estimation of exempted turnover and taxable turnover - SAIL was unable to produce materials to show to what extent the canteen sales included sale of tax-free goods and...

9. 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...

10. Addition on account of suppression of sale - The entire amount of suppressed sale cannot be treated as income of the assessee. It is because there was no evidence...

11. Valuation - inclusion of discount in assessable value - Either the Assessing Officer could have added on the discount to the returned turnover or taxed the estimated...

12. Estimation of sales and net profit - filing return u/s 44AD - AO estimated the actual sales of ₹ 86 lacs instead of ₹ 19 lacs - when no books of accounts are...

13. Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

14. Validity of reassessment order - actual suppression of turnover - if an inspection is not conducted in the business premises of the petitioner, the sales suppression...

15. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...