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Income Tax - Highlights / Catch Notes

Home Highlights March 2018 Year 2018 This

Addition on account of bogus creditors - if the income has been ...

Income Tax

March 19, 2018

Addition on account of bogus creditors - if the income has been assessed after rejecting the books of accounts and net profit rate has been applied, then no separate addition on account of trade creditors should be made - AT

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

  2. 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

  3. Disallowance u/s 40(a)(ia) - Rejection of books of accounts - Once x net profit is estimated by applying net profit rate after rejecting the book results, no...

  4. 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

  5. Restriction of disallowance - Bogus purchases - Restriction of disallowance @30% of total disallowance – addition of 12.5% net profit on bogus purchase is reasonable - AT

  6. Addition in gross profit rate – Addition cannot be made on pure conjectures – In case Assessing Officer had doubts over book results counter verifications and other...

  7. Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

  8. 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...

  9. Addition on account of section 68 - Unexplained sundry creditors - adoption of 1% Net profit on the turnover for various assessment years will be reasonable and will...

  10. Rejection of books of accounts - G.P. estimation - ITAT restricted the net profit rate at 5.5% of contract receipts on the ground of consistency - order of ITAT sustained - HC

 

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