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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Rejection of books of account - purchases made by the appellant ...

Income Tax

November 1, 2015

Rejection of books of account - purchases made by the appellant are not genuine and are not verifiable - addition is restricted to 15% of unverifiable purchases which will be worked out by AO - AT

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  1. Disallowance of purchase of consumable goods, i.e., cotton, gauze and bandage, etc. - ingenuine and unverifiable purchases - the books of account being not rejected and...

  2. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

  3. Bogus purchases - In a case where sales are considered genuine, no addition, on account of bogus purchases, can be made - AT

  4. Addition on account of gift and presents and general expenses - All the expenses as claimed are fully verifiable and supported by third party vouchers - AO cannot make...

  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. 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

  7. 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...

  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

  9. Estimation of income - Bogus purchases - Specific information received from the Sales Tax Department to indicate that certain purchases made by the assessee were...

  10. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

 

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