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Income Tax - Highlights / Catch Notes

Home Highlights June 2019 Year 2019 This

Income estimation applying GP Rate - AO neither pointed out any ...

Income Tax

June 27, 2019

Income estimation applying GP Rate - AO neither pointed out any defect in the books of accounts nor rejected u/s 145(2) - addition without verification of various expenditure and giving any benefit of difference in the business model, product dealt with, geographical area operated in etc. and merely compared the GP of other entities is not permissible

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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. Addition on account of low GP - cause and effect relationship between the defect found by the AO and the addition made - AO rejected the book results as unreliable, but...

  4. Additions on account of difference between the purchase and cost of sales - AO did not point out any defect/discrepancy in books of account - no addition - AT

  5. 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...

  6. 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

  7. 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...

  8. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

  9. Rejection of books of accounts - NP rate determination - Rejection of books of account is no ground for application of higher net profit even if books of accounts are...

  10. Undisclosed profit from unaccounted sales - CIT(A) was fair and reasonable while applying the G.P. Rate at 20% on the undisclosed sales. - AT

 

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