Home Highlights January 2019 Year 2019 This

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1. 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...

2. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

3. Income deemed to accrue or arise in India - Attribution of Profit to permanent establishment (PE) in India - The Tribunal observed that while the Assessing Officer...

4. Estimation of income - AO has made 100% addition, whereas the CIT(A) has scaled down addition to 12.50% profit on alleged bogus purchases. - Although, both authorities...

5. Gross profit addition - AO during the assessment proceedings, agreed to estimation of gross profit @ 56% of sales/turnover and this act of the assessee obviously stopped...

6. 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...

7. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

8. Undisclosed income - gross profit margin on unaccounted sales - It is quite possible that the assessee was able to generate more profit post search period depending upon...

9. 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...

10. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

11. Best Judgement assessment u/s 144 - Estimation of income - The Assessing Officer issued notices under section 143(2) as well as various notices issued under sections...

12. Estimation of gross profit - Unexplained expenditure u/s 69C - authorities below have not accepted books results and have estimated the profit - Merely because there is...

13. Assessment u/s 153A - Bogus purchases - Admittedly in subsequent years there was no seized material available and the learned assessing officer has not extrapolated the...

14. Estimation of income - bogus purchases - As average of gross profit for each of the years works out to only 0.6% for the assessee. But it is pertinent to note that...

15. Estimation of income - Bogus purchases - CIT(A) has disallowed 25% of the purchases on the grounds that the assessee could have made some super profits - The tribunal...