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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Rejection of books of account - the rejection of books of ...

Income Tax

January 28, 2017

Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

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  1. Once the income is estimated, after rejection of books of accounts, no other addition is permissible on the basis of rejected books - AT

  2. Addition solely on the basis of Departmental valuation report – addition cannot be justified solely relying upon the valuation report - HC

  3. Interest u/s 234A, 234B and 234C - non maintenance of proper books of accounts - rejection of claim for waiver of interest cannot be said to be illegal - HC

  4. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

  5. Rejection of books of accounts - The lower G.P. Rate never attracts the addition and it cannot be a ground for rejection of the books - HC

  6. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...

  7. Rejection of books of accounts - Estimation of income - bogus purchases - Mere certain discrepancy at the entry gate cannot be a basis of rejection of entire books...

  8. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

  9. Rejection of books of accounts – If the books of accounts have never been examined how can the revenue authorities say that the books are not complete - AT

  10. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

 

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