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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Rejection of books pf accounts - estimation of net profit from ...

Income Tax

December 14, 2015

Rejection of books pf accounts - estimation of net profit from civil contract receipts - A.O. is not correct in including the work in progress for the purpose of determining the gross receipts for estimation of net profit. - AT

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  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...

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  8. 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...

  9. Estimation of income based on MRP - retail trade in liquor - estimate of net profit above 5% of the purchases made by the assessee is to be adopted - AT

  10. Estimation of net profit rate - Rejection of books of accounts - Results which are on declining scale are declared on reduced turnover over the past and subsequent years...

 

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