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Income Tax - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

Rejection of books u/s 145 - Addition on account of alleged ...

Income Tax

February 14, 2020

Rejection of books u/s 145 - Addition on account of alleged under-invoicing of sales made - There is no evidence or explanation as to why it has sold the items less than the purchase price by making loss of ₹ 38.40 per kg which resulted in under invoicing - assessee is unable to substantiate its claim with any evidence or valid explanation.

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  1. 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

  2. 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

  3. Rejection of books of accounts - The material purchased in cash or part payment made in cash is fully supported by invoices or vouchers. The same invoices were produced...

  4. 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

  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. Rejection of Books of Accounts - mere disclosure of a low net profit would not enable the AO to invoke the provisions of section 145(1) - HC

  7. Rejection of books of accounts u/sec 145(3) - assessee made bogus sales of rice - The assessee cannot be taxed doubly in same amount which was already declared in the...

  8. Rejection of books of accounts u/s 145(3) - assesee was dealing in gems and jewellery - It is difficult to maintain the stock register in this line of business of the...

  9. Addition on account of excess stock - discrepancies in stock records, unaccounted sales - we are satisfied with the documentary evidence that the alleged stock of cotton...

  10. Rejection of books of account u/s 145(3) - non maintenance of stock register was not sufficient for exercising the power of rejecting the books of the assessee. - It is...

 

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