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

Income Addition Rejected Due to Lack of Specific Defects in Books u/s 145 of the Income Tax Act.

January 2, 2018

Case Laws Income Tax AT

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 Addition Rejected Due to Lack of Specific Defects in Books u/s 145 of the Income Tax Act.

January 2, 2018

Case Laws Income Tax AT

You may also like:

Assessment u/s 153A - unexplained investment in Hotel Building - addition under sec 69 r.w.s. 115BBE - reliance on DVO report post-search - Held, DVO report...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144,...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

The ITAT upheld the CIT(A)'s decision to reject the assessee's books of accounts under section 145 and estimate income under section 144. The Tribunal clarified that...

Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

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

ITAT upheld partial rejection of books under s.145(3) due to unverifiable self-made cash vouchers, though specific quantification was lacking. Given turnover of...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Addition on account of low GP - cause and effect relationship between the defect found by the AO and the addition made - AO rejected the book results as unreliable, but...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

The ITAT Delhi held that the additional income surrendered due to excess stock should be treated as unexplained investment taxable u/s 69 of the Act, not as business...

Once the book results are rejected by invoking provisions of section 145(3) of the Act, no separate additions could be made under section 68 - AT

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Quick Updates: