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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Rejection of Books of accounts - Method of accounting - ...

Income Tax

November 16, 2013

Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961 Act is attainable by several methods of accounting - AT

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  1. Year of taxability of amount - in the case of construction contracts, the assessee can follow either the project completion method or the percentage completion method - AT

  2. Rejection of books of accounts - The explanation added by way of Notes to the Accounts was not taken note of by the ITAT when it came to the conclusion that the...

  3. Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note...

  4. Revenue recognition - AO will not be justified to work out the profit by applying percentage of completion method during the impugned year on selective basis - AT

  5. 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

  6. 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

  7. Rejection of books of accounts - The lower G.P. Rate never attracts the addition and it cannot be a ground for rejection of the books - HC

  8. 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...

  9. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

  10. Rejection of books of accounts – If the books of accounts have never been examined how can the revenue authorities say that the books are not complete - AT

 

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