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Income Tax - Highlights / Catch Notes

Home Highlights December 2014 Year 2014 This

Rejection of books of accounts - Estimation of income @ 2% of ...

Income Tax

December 25, 2014

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

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  1. 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

  2. Rejection of books result - estimation of NP @5% of gross contractual receipts - assessee firm is entitled for separate deduction of depreciation, interest and salary...

  3. Additions against reduction in Gross Profit Rate (GP rate) - rejection of books of accounts - - The assessee has already advanced the reasons for low profit and has...

  4. Estimation of gross profit rate - When the books of account of the assessee are upheld mere low yield or low GP cannot be ground for addition on account of trading results. - AT

  5. Valuation of goods - Mere doubt, without any reason or rhyme cannot be made the basis for rejection of the transaction value, without any reasonable and justifiable evidence - AT

  6. 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...

  7. Rejection of books of accounts and estimation of profit - Mere non-issuance of production of sale memos could not have been a ground to reject the entire books of...

  8. Estimation of gross profit - Unexplained expenditure u/s 69C - authorities below have not accepted books results and have estimated the profit - Merely because there is...

  9. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

  10. Addition made on account of low gross profit declared by the assessee - mere decrease in gross profit as compared to the earlier year is not a ground sufficient for...

 

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