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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Rejection of books of accounts - GP estimation - Fall in gross ...

Income Tax

October 1, 2018

Rejection of books of accounts - GP estimation - Fall in gross profit ratio could be due to various reasons, and cannot be the sole and only ground to reject the book results in entirety and frame best judgment assessment

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  1. 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

  2. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

  3. 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

  4. Rejection of books of accounts - The lower G.P. Rate never attracts the addition and it cannot be a ground for rejection of the books - HC

  5. Estimation of gross profit - Unexplained expenditure u/s 69C - authorities below have not accepted books results and have estimated the profit - Merely because there is...

  6. Additions against reduction in Gross Profit Rate (GP rate) - rejection of books of accounts - - The assessee has already advanced the reasons for low profit and has...

  7. Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

  8. Rejection of books result - estimation of NP @5% of gross contractual receipts - assessee firm is entitled for separate deduction of depreciation, interest and salary...

  9. Rejection of books u/s 145 - NP estimation - NP ratio of 7% being impractical and completely unacceptable and as most of the trading concerns have been operating at the...

  10. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...

 

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