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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Rejection of books of account - the way in which the books of ...

Income Tax

April 23, 2015

Rejection of books of account - the way in which the books of accounts the appellant had been written, it is impossible to either determine purchases or the sales or the expenses. The books are not amenable any sort of verification and the entries mentioned are wrong - rejection sustained - AT

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  1. Assessment u/s 153A - Unexplained investment - It is common practice during search proceedings that the revenue seizes the books of account along with incriminating...

  2. 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

  3. 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

  4. 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

  5. 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...

  6. 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...

  7. 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

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

  9. Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

  10. CENVAT Credit - Rule 3(5B) of CCR, 2004 -Valuing at lower rate is not equivalent to writing of the value of inputs in the books of account - demand set aside - AT

 

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