Home Highlights October 2013 Year 2013 This

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1. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

2. Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

3. Estimation of net profit rate - Rejection of books of accounts - Results which are on declining scale are declared on reduced turnover over the past and subsequent years...

4. Validity of assessment passed u/s 153A pursuant to search and seizure - The High Court has observed and held that, the assessee’s assessment for the relevant year stood...

5. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

6. Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

7. 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...

8. Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

9. 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...

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

11. Estimation of income - Reassessment u/s 153A pursuant to search u/s 132 or 132A - AO rejected books of account - evenue failed to point any special circumstances for...

12. Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

13. Net profit @ 6% on bank deposits made - authorities below shall apply profit rate of 5% for the purpose of computing part addition as was directed in assessment year 2008-09 - AT

14. Estimation of profit - Once the assessee was asked to show cause as to why 6% net profit should not be applied for estimation of income, the A.O. should not apply a...

15. 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...