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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Rejection of books of account - trading addition - Assessee ...

Income Tax

September 14, 2015

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 maintenance of proper books of accounts - AT

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  1. 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...

  2. 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

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

  4. Exemption under section 10B - the view taken by the learned Tribunal that the assessee could get the advantage even without the requisite approval is altogether bad,...

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

  6. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

  7. 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

  8. 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

  9. 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

  10. 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

 

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