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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Rejection of Books of Account - The Assessing Officer was unable ...

Income Tax

October 5, 2015

Rejection of Books of Account - The Assessing Officer was unable to pinpoint as to any specific defect noticed during course of the proceedings except that the Books of Account were rejected on certain discrepancies. It was for the AO to come out clearly as to the basis for rejection of the Book of Accounts - HC

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  1. Valuation of building - Revenue was unable to justify that when the books of account were not rejected, how the matter could be referred to the DVO for assessing the value - HC

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  8. 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

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