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Income Tax - Highlights / Catch Notes

Home Highlights September 2014 Year 2014 This

Genuineness of purchases - AO rightly rejected the books of ...

Income Tax

September 17, 2014

Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

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  1. Once the income is estimated, after rejection of books of accounts, no other addition is permissible on the basis of rejected books - AT

  2. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

  3. Difference between the cost of construction as disclosed by assessee and as estimated by the District Valuation Office - no addition could be made without rejecting...

  4. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

  5. Addition on account of low GP - cause and effect relationship between the defect found by the AO and the addition made - AO rejected the book results as unreliable, but...

  6. Unexplained investment - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the...

  7. Before making reference to the DVO for estimating the cost of investment in the construction of property, the books of account maintained by the assessee in this regard...

  8. 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...

  9. Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

  10. Estimated addition @ 25% of the advance booking receipt on shops/flats by the AO u/s 68 - Since the project could not be further carried out due to legal bar the...

 

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