Method of accounting - Construction Contracts - AO's action of ...

Income Tax

January 25, 2017

Method of accounting - Construction Contracts - AO's action of rejecting books of accounts in terms of Section 145(3) of the IT Act and assessing income u/s 44BBB(1) on presumptive basis is not justified - AT

View Source

← Previous Next →

Method of accounting - Construction Contracts - AO's action of ...

Income Tax

January 25, 2017

You may also like:

IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

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

Valuation of shares at a premium u/s 56(2)(viib) - Keeping in view that DCF is correct method of determining the FMV of the unquoted shares, the assessee has option to...

IT - Cash system of accounting, merely because Sundry Creditors are shown in the balance sheet, AO is not justified to reject books of accounts.

Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

Addition u/s.56(2)(vii)(b) - share premium - difference between the issue price and the actual share price determined by the AO - AO has changed the method of valuation...

Book profit u/s 115JB of the Act – MAT - changed the method of depreciation from straight line method to written down value method - it is not permissible for the AO to...

Transfer of shares without adequate consideration - Method of valuation u/s 56 - Section 56 allows the assessee to adopt one of the methods of their choice. But, the AO...

As per AS-9 which gives the option of proportionate completion method and completed service contract method, out of which one is following by the assessee. AO rejected...

Quick Updates: