Invocation of section 145(3) - existence of infirmities and ...

Section 145(3) of Income Tax Act: Triggered by Account Discrepancies; Infirmities Must Exist for Application.

July 5, 2014

Case Laws Income Tax HC

Invocation of section 145(3) - existence of infirmities and discrepancies in the accounts maintained by the assessee was a pre-requisite for invoking the provisions of Section 145 - HC

View Source

← Previous Next →

Invocation of section 145(3) - existence of infirmities and ...

Section 145(3) of Income Tax Act: Triggered by Account Discrepancies; Infirmities Must Exist for Application.

July 5, 2014

Case Laws Income Tax HC

You may also like:

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...

The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

This case pertains to the precedence and priority of consideration between an application filed u/s 54(C) and Section 7 of the Insolvency and Bankruptcy Code (IBC)...

Exemption u/s 11 - claiming benefit of accumulation u/s 11(2) over deemed income u/s 11(3) - non application of income - the assessee should not be eligible to claim...

Addition on account of fall in GP - The AO has not invoked section 145(3) in its terms - Therefore, fall in G.P. rate cannot be made a reason for involving section 145(3) - AT

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...

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...

Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory...

ITAT ruled that penalty under section 271(1)(c) cannot be sustained where income assessment was based on estimated net profit rate of 24.50% versus assessee's declared...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

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...

Penalty u/s. 271A - confusion between the ‘books of account’ as per section 44AA and the ‘accounts’ as per section 145(3) - no finding either by the AO or by the CIT(A)...

Section 145 (1) permits two process of accounting and it is not the case of appellant that double entry system of account is not a recognized mercantile system of...

Addition being 10% of all the Direct & Indirect expenditure - AO has not pointed out any mistake in any of the bills/vouchers. Since, the accounts of the assessee are...

Quick Updates: