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Income Tax - Highlights / Catch Notes

Home Highlights February 2012 Year 2012 This

Trading addition – Once net profit rate has been applied, no ...

Income Tax

February 8, 2012

Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

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  1. Net profit @ 6% on bank deposits made - authorities below shall apply profit rate of 5% for the purpose of computing part addition as was directed in assessment year 2008-09 - AT

  2. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

  3. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

  4. Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

  5. 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...

  6. Net profit computation - rejection of books of accounts - when declared income is more than the estimated income applying 8% of the works contract, no addition can be made - AT

  7. 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...

  8. Estimation of income - Since the addition made by the AO on account of trading income based on net profit rate applied by the AO has been deleted and the income declared...

  9. Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

  10. 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

 

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