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Income Tax - Highlights / Catch Notes

Home Highlights December 2016 Year 2016 This

Once the book results are rejected by invoking provisions of ...

Income Tax

December 9, 2016

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

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  1. 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...

  2. Estimation of income - interest and salary paid to partners - The AO made the assessment by estimating the income of the assessee by rejecting the books of account by...

  3. Invocation of section 145(3) - existence of infirmities and discrepancies in the accounts maintained by the assessee was a pre-requisite for invoking the provisions of...

  4. 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

  5. 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...

  6. E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...

  7. 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...

  8. Rejection of books of accounts - the assessee is not maintaining the proper books of account with regard to stock - to plug the leakage of revenue, certain disallowance...

  9. Rejecting the books of accounts u/s 145(3) - unaccounted sales - When the income voluntarily offered to tax on the basis of material on record is far more than income,...

  10. 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

 

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