Estimation of gross profit rate - When the books of account of ...

Low Profit Alone Doesn't Warrant Trading Account Adjustments if Books Are Maintained and Accepted by Authorities.

March 14, 2015

Case Laws Income Tax AT

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

View Source

← Previous Next →

Estimation of gross profit rate - When the books of account of ...

Low Profit Alone Doesn't Warrant Trading Account Adjustments if Books Are Maintained and Accepted by Authorities.

March 14, 2015

Case Laws Income Tax AT

You may also like:

TP Adjustment - non granting of adjustment on import duty - as necessary consumption of the material is only booked in the profit and loss account for which the...

The High Court dismissed the appeal filed u/s 260A, holding that no substantial question of law arises. The Assessing Officer had rejected the assessee's books of...

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...

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...

Minimum Alter Tax (MAT) - Forfeiture of share warrants being a capital receipt - adjustment need to be made to the disclosures made in the notes on accounts forming...

Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

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...

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...

Denial of Exemption u/s. 11 - non maintaining of separate ledger accounts - assessee is maintaining separate ledger for earning this income and also maintaining separate...

Disallowance of raw material consumption - rejection of the books of account - The Appellate Tribunal finds that the AO's ad hoc disallowance without specific reasons...

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...

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...

Unexplained bank deposit u/s 68 - bank passbook - After the introduction of the definition of the books or books of account u/s 2 (12A), the passbook can also be...

Quick Updates: