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Income Tax - Highlights / Catch Notes

Home Highlights September 2018 Year 2018 This

Since the quantum of production and turnover has been accepted, ...

Income Tax

September 28, 2018

Since the quantum of production and turnover has been accepted, the rejection of books of accounts in the peculiar facts and circumstances has been held to be inapplicable and we find no good reason available on record on the basis of which the said conclusion can be varied.

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  1. Rejection of books of accounts of assessee - enhancement of turnover - higher consumption of electricity - electricity being consumed by the officials at their...

  2. Rejection of turnover appearing in the books of accounts - It is already well-settled that in the absence of any definite adverse material accounts kept in regular...

  3. Rejection of books of accounts - Suppressed production - determination of quantum of clay which can be extracted/produced from mines - there is no material on record...

  4. Quantum of penalty - suppression of taxable turnover - imposition of penalty at 200% was excessive and levy of penalty at 100% would meet the ends of justice.

  5. Levy of tax - concealed turnover of iron scrap - non-production of books of accounts by the petitioner - discrepancy in the GSTR-3B and GSTR-2A or not - once the revenue...

  6. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

  7. Estimation of income - Bogus purchases - Rejection of books of accounts - There is no error in the finding of the ld.CIT(A) for rejection of the books of accounts as...

  8. Rejection of books of accounts and estimation of profit - Mere non-issuance of production of sale memos could not have been a ground to reject the entire books of...

  9. Rejection of books of account - the rejection of books of account solely on the basis of non-maintenance of sales vouchers was not justified - AT

  10. Rejection of books of accounts - Estimation of income @ 2% of gross sales – mere selling of goods at low margin cannot be made the reason for rejection of books of accounts - AT

 

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