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Income Tax - Highlights / Catch Notes

Home Highlights August 2017 Year 2017 This

Rejecting of claim of loss - ad-hoc estimation of income - AO is ...

Income Tax

August 12, 2017

Rejecting of claim of loss - ad-hoc estimation of income - AO is allowed to make additions for want of evidences and the same should be fair and reasonable. - AO should avoid multiple additions on any account.

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  1. Disallowance on an ad-hoc basis - in the absence of necessary documentary evidence the AO had no alternative except to make the disallowance on an ad-hoc basis.

  2. Ad hoc disallowance of 10% of expenses - Since the AO or the Ld. CIT(A) has not rejected the books of account of the assessee they could not have estimated (ad hoc...

  3. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

  4. TPA - ALP determination - Without complying to the statutory provisions, the Transfer Pricing Officer certainly cannot determine the arm's length price on ad-hoc /...

  5. Estimation of rate of commission earned on the accommodation cheques - estimation of commission @3% on cheque amount and 20% on expenditure will be fair and reasonable - AT

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

  7. Disallowance at 2% of total labour expenditure - CIT-A deleted the addition partly - The CIT(A) observed the claim of deleting entire disallowance is not acceptable in...

  8. Leakage of revenue - Any disallowance should be specific and properly quantified - presumptive and ad-hoc addition based on an outlandish consideration of plugging...

  9. Ad-hoc deduction allowed at 25% for purchase expenditure, as admittedly corresponding sales against these very purchases have been offered and accepted for tax

  10. Addition made on account of unaccounted cash receipts – Cash receipts of brokerage – Sale of car parking charges - the assessee’s purchases cannot be doubted on ad-hoc basis - AT

 

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