Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Addition on account of low Net profit ratio – The onus is upon ...

Income Tax

November 4, 2013

Addition on account of low Net profit ratio – The onus is upon the Revenue to show that either the books of account maintained by the assessee were incorrect or incomplete or that the method of accounting adopted by him was such that true profits of the assessee cannot be deduced therefrom - AT

View Source

 


 

You may also like:

  1. Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

  2. Additions u/s 68 - Low profit ratio - the assessee has discharged his onus before the revenue authorities. AO and the ld. CIT(A) rejected the explanation of the assessee...

  3. Addition of undisclosed net profit - addition relying upon one piece of paper which was provisional P&L Account - here was no other material available with the AO - No...

  4. 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

  5. Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

  6. Low net profit ratio - AO has not pointed out any defect or deficiency in the claim of expenditure nor any expenditure has been held as bogus by the AO. AO asked...

  7. Estimation of income - bogus purchases - Disallowance to the extent of 5% is on lower side particularly when the assessee has shown negligible net profit. The assessee...

  8. 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

  9. Addition u/s 68 - Unexplained cash credit - Revenue, in these matters, established that there was no genuineness in the transactions sought to be projected on behalf of...

  10. 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...

 

Quick Updates:Latest Updates