Home Highlights March 2019 Year 2019 This

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1. Rejection of books of accounts - estimation of sales - the recording of the statement by survey team under section 131(1) is not valid. Thus, no cognizance of such...

2. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...

3. Rejection of books of accounts - The lower G.P. Rate never attracts the addition and it cannot be a ground for rejection of the books - HC

4. 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...

5. Additions against reduction in Gross Profit Rate (GP rate) - rejection of books of accounts - - The assessee has already advanced the reasons for low profit and has...

6. Assessment u/s 153A - addition was made based on the statement of director of investing companies recorded in an independent proceedings u/s 132/133A/131(1) and the...

7. Undisclosed investment u/s.69 - unaccounted payment on purchase of impugned land - Recording of the statement by survey team under section 131(1) is not valid. Thus, no...

8. Profiteering - restaurant service supplied by the Respondent - the GST rate of 5% has been charged w.e.f. 15.11.2017 however the base prices of 170 products have been...

9. 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...

10. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

11. Difference in rate of booking price - sale / booking of flats - different rates have been quoted/booked for the same area and the same project - On money paid by...

12. Power u/s 131 - Extension of period of retaining Books of account - Assessing Officer can retain the books of account only for 15 days. - learned single judge was...

13. Reopening of assessment u/s 147 - Notice issued on the basis of statement recorded during survey u/s 133A - The High court observed that the survey conducted led to...

14. 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...

15. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...