Since the assessee had no business income, no books of account ...

Income Tax

March 29, 2018

Since the assessee had no business income, no books of account were maintained and the addition was made only on the basis of the assessee’s pass book, which is not a book of account; that as such, the addition made under section 68 of the Act is not sustainable - AT

View Source

← Previous Next →

Since the assessee had no business income, no books of account ...

Income Tax

March 29, 2018

You may also like:

Addition on protective basis on account of coal business carried out by the assessee through the syndicate of Bhutoria Group - addition made on protective basis cannot survive - HC

There is no provisions in the Income Tax Act, 1961 which makes it mandatory for a person for maintaining the books of accounts at his residence or at his business premises - HC

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...

Addition u/s 68 - assessee is not required to maintain proper books of accounts since he has opted for presumptive taxation u/s 44AD - Since the assessee is admittedly...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

Unexplained expenditure u/s 69C - ITAT has also noted that the huge addition was made in the case of assessee’s group in the block assessment on the basis of the books...

Computation of relief u/s 80 IC - Baddi Unit had transferred the goods to other units on cost basis - The separate books maintained have not been rejected - deduction allowed - AT

Before making reference to the DVO for estimating the cost of investment in the construction of property, the books of account maintained by the assessee in this regard...

Penalty u/s 271B - failure to get the books of accounts audited u/s 44AB - addition made during the assessment proceedings on the basis of unaccounted sale cannot be...

Quick Updates: