Addition on account of alleged decline in gross profit/net ...

Income Tax

January 2, 2018

Addition on account of alleged decline in gross profit/net profit - applying the provisions of section 145 - in its report, Statutory Auditor noted that auditor is unable to comment on the accuracy of the valuation of the inventories of finished goods - rejection of books of accounts - being no defect point out by the AO, no addition could be done - AT

View Source

← Previous Next →

Addition on account of alleged decline in gross profit/net ...

Income Tax

January 2, 2018

You may also like:

Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

Net profit @ 6% on bank deposits made - authorities below shall apply profit rate of 5% for the purpose of computing part addition as was directed in assessment year 2008-09 - AT

Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

Net profit computation - rejection of books of accounts - when declared income is more than the estimated income applying 8% of the works contract, no addition can be made - AT

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Estimation of income on Cash Deposited in Bank Account - Kachha Arahtiya - Estimation of Net Profit (NP) @ 5% instead of 1% as claimed by the assessee - so far as kachha...

Disallowance u/s 40A(3) - Cash payment - Section 40A(3) is not applicable when the net profit rate was applied by the AO and once a net profit rate is applied the...

Additions towards the alleged unaccounted sales - The AT noted that the addition had been deleted by the ld. CIT(A), and since there was no appeal from the Revenue, this...

Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

Quick Updates: