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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Rejection of books of accounts u/s 145(3) - low sale/profit - ...

Income Tax

September 25, 2013

Rejection of books of accounts u/s 145(3) - low sale/profit - The assessee cannot be penalized specially when its books of accounts were properly audited and relevant vouchers were made available. - HC

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  1. Rejection of Books of Accounts - mere disclosure of a low net profit would not enable the AO to invoke the provisions of section 145(1) - HC

  2. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

  3. Rejection of books of accounts - valuation of the closing stock - gross profit margin - Assessment was complete u/s 143(3) - After that, during survey u/s 133A, assessee...

  4. Rejection of books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross...

  5. Rejection of Book u/s 145(3) - cash sale of silver - It was obligatory on the Assessees to satisfactorily account for the creditworthiness, identity and genuineness of...

  6. Rejection of books of accounts u/s 145(3) - trading addition - Once the books of accounts are rejected, the AO is required to estimate the gross profit in the hands of...

  7. 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...

  8. Rejection of books of account u/s.145 is justifiable as two diaries in which unaccounted payments to the partner and unaccounted expenses recorded, were found - AT

  9. Addition made on account for rejection of books u/s 145 - AO has given one hour to produce details - Case remand back to AO - AT

  10. 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...

 

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