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Income Tax - Highlights / Catch Notes

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Rejection of the books of account - since before invoking ...

Income Tax

August 7, 2019

Rejection of the books of account - since before invoking Section 145, the AO had not given any opportunity to the Assessee and therefore, could not have drawn an adverse influence against it - no indication by the AO that how the assessee has inflated its profit and correspondingly inflated its assets or deflated its liabilities - CIT(A)/ITAT order appears to be on sound legal basis consistent with the law

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  2. Addition made on account for rejection of books u/s 145 - AO has given one hour to produce details - Case remand back to AO - AT

  3. Disallowance of total contract expenses - required details of contract expense were not submitted before the AO - Therefore, we confirm the order of rejection U/s 145(3) - AT

  4. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

  5. Rejection of books of account u/s.145 is justifiable as two diaries in which unaccounted payments to the partner and unaccounted expenses recorded, were found - AT

  6. Once the book results are rejected by invoking provisions of section 145(3) of the Act, no separate additions could be made under section 68 - AT

  7. 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...

  8. Rejection of books of account and estimation of gross profit - basis of rejection of rejection of accounts by the AO was totally erroneous and uncalled for. - AO has not...

  9. Assessment u/s 144 - Rejection of books of accounts u/s 145(3) - Once the books of accounts and other relevant records was produced by the assessee first time during the...

  10. Rejection of book results u/s 145 - estimating the income at 5 percent of gross receipts - no material was brought to establish that the purchases and expenses had been...

 

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