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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. Rejection of books of accounts - The material purchased in cash or part payment made in cash is fully supported by invoices or vouchers. The same invoices were produced...

  2. 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

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

  4. 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...

  5. Rejection of the books - claim of expenditure on the basis of self-made vouchers - CIT(A) instead of pointing out any incidence as to how this expenditure are to be...

  6. Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

  7. 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

  8. Penalty u/s 271B - non maintenance of books off account by the taxpayer as a civil contractor - no books of accounts prescribed - penalty deleted - AT

  9. Penalty u/s. 271A and 271B - non-maintenance of books of account and not getting the books of accounts audited u/s. 44AB recpectivily - once the penalty is levied for...

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

 

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