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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Rejection of books of account - accounting for scrap - When no ...

Income Tax

September 13, 2013

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 valuer’s report was not accepted by the AO, there was no reason for rejection of books of account u/s 145(3) - AT

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  1. Additions on account of difference between the purchase and cost of sales - AO did not point out any defect/discrepancy in books of account - no addition - AT

  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 - it is seen that the Inspector's Report cannot lead to any conclusion that the generation of Scrap was shown by the Assessee at any...

  4. Addition on account of low GP - cause and effect relationship between the defect found by the AO and the addition made - AO rejected the book results as unreliable, but...

  5. 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...

  6. Without pointing out any defect in the books of accounts just because there are certain inflated nature of purchases on account of cash payment cannot be the basis for...

  7. Rejection of book result U/s 145(3) - AO estimated the N.P. rate @ 10% - . The defects pointed out by the AO are sufficient to reject the book result addition @ 6% net...

  8. Rejection of books of accounts u/s 145(3) - Various expenditure are not verifiable as expenses towards loading and unloading, labour charges & transportation are not...

  9. 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...

  10. Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

 

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