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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Rejection of books of accounts - addition made for suppression ...

Income Tax

October 12, 2015

Rejection of books of accounts - addition made for suppression of turnover - there was no occasion or instances of this nature pointed out by the AO in the assessment order, except for generalisations based on hypothetical standards, the source of which was never authenticated - No additions - AT

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  1. Alleged Under invoicing and suppression of additional turnover - merely on the basis of SCN issued by the Commsisioner, of Central Excise, additions made by the AO...

  2. Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

  3. 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

  4. Additions on account of difference between the purchase and cost of sales - AO did not point out any defect/discrepancy in books of account - no addition - AT

  5. 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...

  6. 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...

  7. 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...

  8. Assessing Officer was right in making additions towards difference in turnover as per books of account and TDS certificates - AT

  9. 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...

  10. 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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