Home Highlights May 2013 Year 2013 This

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1. 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...

2. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

3. Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

4. Net profit computation - rejection of books of accounts - when declared income is more than the estimated income applying 8% of the works contract, no addition can be made - AT

5. Addition based on estimated additional gross profit - When the sale value of the cranes, which was considered for computation of WIP, has already included the profit...

6. Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

7. Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

8. Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

9. Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

10. Estimation of income based on MRP - retail trade in liquor - estimate of net profit above 5% of the purchases made by the assessee is to be adopted - AT