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Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Addition on net profit figure - In the case on hand the books of ...

Income Tax

August 11, 2015

Addition on net profit figure - In the case on hand the books of accounts have not been rejected. Under those circumstances substituting the book results with a random figures obtained from the document found i.e. P&L account in the CPU is incorrect. - AT

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  1. Net profit computation - rejection of books of accounts - when declared income is more than the estimated income applying 8% of the works contract, no addition can be made - AT

  2. Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

  3. 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...

  4. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

  5. Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

  6. Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

  7. Rejection of books of accounts - G.P. estimation - ITAT restricted the net profit rate at 5.5% of contract receipts on the ground of consistency - order of ITAT sustained - HC

  8. Net profit @ 6% on bank deposits made - authorities below shall apply profit rate of 5% for the purpose of computing part addition as was directed in assessment year 2008-09 - AT

  9. Addition in gross profit rate – Addition cannot be made on pure conjectures – In case Assessing Officer had doubts over book results counter verifications and other...

  10. Rejection of Books of Accounts - mere disclosure of a low net profit would not enable the AO to invoke the provisions of section 145(1) - HC

 

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