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Income Tax - Highlights / Catch Notes

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Without pointing out any defect in the books of accounts just ...

Income Tax

February 13, 2016

Without pointing out any defect in the books of accounts just because there are certain inflated nature of purchases on account of cash payment cannot be the basis for rejection of books of accounts u/s 145 - AT

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  1. 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

  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. Rejection of books of account - accounting for scrap - When no defect was pointed out in the books of account even during the course of scrutiny assessment and when the...

  4. Assessment u/s 144 - estimation of income - Method of accounting - Non rejection of books of account - disallowance of expenses, addition of inflated purchases and...

  5. 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...

  6. 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...

  7. 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...

  8. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

  9. Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

  10. Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee...

  11. Addition on account of deposit of cash during the demonetization period - allegation of sham transactions - the AO has acted on mere surmise and conjectures without duly...

  12. Rejection of books of accounts - Without pinpointing any defect much less any material defect in the books of account of the assessee regularly maintained, provision of...

  13. Rejection of books of accounts u/s 145(3) - Various expenditure are not verifiable as expenses towards loading and unloading, labour charges & transportation are not...

  14. Rejection of books of accounts - NP rate determination - Rejection of books of account is no ground for application of higher net profit even if books of accounts are...

  15. Rejection of books of accounts - estimation of income - Unexplained Investment in Purchases - A.O has accepted all other transactions of purchases and payment made...

 

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