Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2018 Year 2018 This

Estimation of sales and net profit - filing return u/s 44AD - AO ...

Income Tax

April 20, 2018

Estimation of sales and net profit - filing return u/s 44AD - AO estimated the actual sales of ₹ 86 lacs instead of ₹ 19 lacs - when no books of accounts are maintained by the assessee and return is filed under section 44AD of the Act, we are not in a position to sustain the order estimating the sales which has no basis at all. - AT

View Source

 


 

You may also like:

  1. Estimation of income based on MRP - retail trade in liquor - estimate of net profit above 5% of the purchases made by the assessee is to be adopted - AT

  2. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

  3. Estimated profit u/s 44AD - remuneration to partners - the statute itself in section 44AD of the Act, allowed separate deductions towards interest on capital accounts...

  4. 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...

  5. Net profit estimation - Without there being sales of the stock it would not be possible to estimate the net profit. Moreover, there has been no rejection of the books of...

  6. Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

  7. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

  8. Unaccounted income on sale of plots in cash - estimation of Net profit - estimation on the on- money received by the assessee - The Tribunal dismissed the Assessee's...

  9. Net profit rate of the eight percent is most appropriate as provided under section 44AD for retail business having business turnover not exceeding ₹ 60 lacs - AT

  10. Diallowance of expenses after estimation of profit u/s 144 - ITAT deleted the additions - It is not required for the AO to apply net profit at a particular rate while...

 

Quick Updates:Latest Updates