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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Revision u/s 263 - once the books of account are found to be ...

Income Tax

June 17, 2015

Revision u/s 263 - once the books of account are found to be unreliable and rejected resulting in estimation of profit, AO is not required to enquire or examine the individual items of expenditures or other issues - revision order is not correct - AT

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  1. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

  2. 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...

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