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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

AO having estimated the higher profit rate on total contract ...

Income Tax

December 9, 2016

AO having estimated the higher profit rate on total contract receipts after rejection of the books of account invoking the provisions of s. 145(3), no separate additions can be made on account of unexplained cash credit u/s 68 of the Act of 1961 - AT

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  1. Rejection of Books of Accounts - mere disclosure of a low net profit would not enable the AO to invoke the provisions of section 145(1) - HC

  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 accounts u/s 145(3) - On money receipt - estimation of income - considering the facts that the project undertaken by the assessee comes under...

  4. Disallowance of total contract expenses - required details of contract expense were not submitted before the AO - Therefore, we confirm the order of rejection U/s 145(3) - AT

  5. Addition made on account for rejection of books u/s 145 - AO has given one hour to produce details - Case remand back to AO - AT

  6. Rejection of book result U/s 145(3) - AO estimated the N.P. rate @ 10% - . The defects pointed out by the AO are sufficient to reject the book result addition @ 6% net...

  7. Rejection of books of accounts u/s 145 (3) - AO by recklessly rejecting the books of account proceeded to estimate the income by applying profit @ 5% of the gross...

  8. Once the book results are rejected by invoking provisions of section 145(3) of the Act, no separate additions could be made under section 68 - AT

  9. Rejection of book results u/s 145 - estimating the income at 5 percent of gross receipts - no material was brought to establish that the purchases and expenses had been...

  10. Rejection of books of accounts u/s 145(3) - trading addition - Once the books of accounts are rejected, the AO is required to estimate the gross profit in the hands of...

 

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