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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Rejection of book result U/s 145(3) - AO estimated the N.P. rate ...

Income Tax

June 8, 2015

Rejection of book result U/s 145(3) - AO estimated the N.P. rate @ 10% - . The defects pointed out by the AO are sufficient to reject the book result addition @ 6% net profit subject to interest and remuneration to the partners to be made - AT

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  1. 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...

  2. Once the book results are rejected by invoking provisions of section 145(3) of the Act, no separate additions could be made under section 68 - AT

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  6. Addition made on account for rejection of books u/s 145 - AO has given one hour to produce details - Case remand back to AO - AT

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  8. 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...

  9. Audit report shows that record maintained by the assessee is not in proper manner as explained to them - but these defects are not sufficient to reject the books result...

  10. AO has made a lump sum trading addition by estimating ad hoc income of assessee at Rs.10 lakh after rejection of books of accounts u/s 145(3) of the Act - it is not open...

 

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