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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Rate of commission on accommodation entries - CIT(A) has applied ...

Income Tax

June 15, 2016

Rate of commission on accommodation entries - CIT(A) has applied correct estimate of rate of commission income @2% which is reasonable and appropriate - AT

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  1. Undisclosed profit from unaccounted sales - CIT(A) was fair and reasonable while applying the G.P. Rate at 20% on the undisclosed sales. - AT

  2. Best Judgement assessment u/s 144 - estimation of income @12 or 8% - keeping in mind the judicial guideline available on issue, that after rejection of accounts, the...

  3. Disallowance on account of personal use of vehicle maintenance - 10% of vehicle running and maintenance expenses is a reasonable estimate and in absence of log book - AT

  4. 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

  5. TP Adjustment made on account of interest chargeable on outstanding receivables - applying LIBOR rates - adoption of SBI prime lending rate @14.45% is definitely...

  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. Rate of tax applied to Paraffin wax manufactured and sold by appellant - 4% or 20% - Entry No. 120 of 3rd Schedule is a specific Entry and Entry No. 1(ix) of 4th...

  8. Penalty u/s 271)1)(c) - penalty for furnishing inaccurate particulars of income can neither be imposed nor sustained on enhancement of net profit rate based on an estimate

  9. IT -Estimated income -Chart furnished by assesse showing GP rates of different business entities doing similar business -AO can’t ignore the same if genuine

  10. Disallowance of sub-contract payments for land development expenses - accommodation entries for income and expenditure both - Assessee have not executed any work except...

 

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