Rejection of books of accounts - no provision either in the Act ...

Court Rules Profit Estimation Unjustified Due to Lack of Stock Register Requirement in Business Accounting Standards.

June 12, 2015

Case Laws Income Tax AT

Rejection of books of accounts - no provision either in the Act or in the Rules requiring an assessee carrying business of nature, to maintain the stock register as a part of its account has been brought to notice - estimation of profit is not justified - AT

View Source

← Previous Next →

Rejection of books of accounts - no provision either in the Act ...

Court Rules Profit Estimation Unjustified Due to Lack of Stock Register Requirement in Business Accounting Standards.

June 12, 2015

Case Laws Income Tax AT

You may also like:

Assessee's petition dismissed. HC held seizure of jewelry stock u/s 132A valid. Itemized stock register not furnished by assessee to authorities' satisfaction. Net...

Income–tax (15th Amendment) Rules, 2016 - Amendments in Due diligence requirement - Notification

Income deemed to accrue or arise in India - Attribution of Profit to permanent establishment (PE) in India - The Tribunal observed that while the Assessing Officer...

In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A),...

Rule 86A of the Central/State Goods and Services Tax Rules, 2017, which allows blocking of the Electronic Credit Ledger, has been held unconstitutional by the High Court...

Excess stock found during survey triggered initiation of proceedings against petitioner. Court held if excess stock found, proceedings u/ss 73/74 of GST Act should be...

Bogus purchase bills from certain ‘hawala’ dealers - The Tribunal found the assessee failed to substantiate the genuineness of the purchases from alleged Hawala dealers,...

Excess stock found during survey triggers proceedings u/ss 73/74 of the GST Act, not Section 130. The authority noted excess stock by eye estimation without physical...

Reversal of CENVAT Credit - There is no requirement under Rule 6(3)(i) and Rule 6(3A) of the Cenvat Credit Rules that the option had to be exercised on the first day of...

Profit on sale of deficit stock outside the books - whether the entire deficit stock has to be taken as profit of the assessee or the profit element embedded in the...

HC upheld validity of Rule 36(4) of CGST Rules, dismissing constitutional challenge. Court determined Rule 36(4) derives authority from Section 16 of CGST Act and...

HC ruled that assessment order lacking Document Identification Number (DIN) is invalid and non-est, following Supreme Court precedent in Pradeep Goyal case. The court...

The High Court addressed a case involving a delay in filing an application for Revocation of cancellation of GST registration. The court considered the invocation of the...

Validity of provisional attachment order - benefit of Input Tax Credit availed from invoices issued from non-existing firms - It observes that the impugned order lacks...

TDS returns - Due dates - Rule 31A prescribing due dates for furnishing TDS statements amended

Quick Updates: