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Income Tax - Highlights / Catch Notes

Home Highlights May 2017 Year 2017 This

Nature of the sales tax refund - Addition u/s 41 - Estimation of ...

Income Tax

May 1, 2017

Nature of the sales tax refund - Addition u/s 41 - Estimation of income where books of accounts have been rejected - AO was not correct in treating sales tax refund separately while determining the N.P rate - AT

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

  2. Treatment of sales tax refund as income under section 41(1) - Decided against the revenue.

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