Reopening of assessment - The ITAT observed that “just one ...

High Court Upholds ITAT Decision: Rejects Unrealistic Net Profit Figure for Income Assessment as Unreasonable and Flawed.

March 11, 2016

Case Laws Income Tax HC

Reopening of assessment - The ITAT observed that “just one unrealistic and absurd figure of net profit is taken out from the print out of the rough document from the CPU/hard disk and adopted for assessment of total income. Such an approach cannot be approved - the view taken by the ITAT is a plausible one and cannot be said to suffer from any perversity warranting interference. - HC

View Source

← Previous Next →

Reopening of assessment - The ITAT observed that “just one ...

High Court Upholds ITAT Decision: Rejects Unrealistic Net Profit Figure for Income Assessment as Unreasonable and Flawed.

March 11, 2016

Case Laws Income Tax HC

You may also like:

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

The Appellate Tribunal addressed the issue of estimation of income and rejection of duly audited books of accounts of the assessee firm u/s 145(3) of the Act. It held...

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...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not...

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...

Unaccounted income on sale of plots in cash - estimation of Net profit - estimation on the on- money received by the assessee - The Tribunal dismissed the Assessee's...

TP adjustment - The TPO has not given any reason as to why he altered the aggregate amount of Net profit. Hence the workings made by TPO is liable to rejected. We have...

ITAT ruled that penalty under section 271(1)(c) cannot be sustained where income assessment was based on estimated net profit rate of 24.50% versus assessee's declared...

The ITAT rejected revenue's appeal, affirming CIT(A)'s findings across multiple grounds. The tribunal dismissed revenue's challenges regarding income estimation, book of...

Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

Income accrued in India - PE in India - attributing profits to the P.E - Computation made by the A.O. in his assessment order is incorrect as the AO has not allowed the...

The High Court reviewed a case involving a rough assessment of tax quantum and the validity of a Best judgment assessment for determining net profit in a civil work...

Addition on net profit figure - In the case on hand the books of accounts have not been rejected. Under those circumstances substituting the book results with a random...

Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

Quick Updates: