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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Trading addition – rejection of books of accounts and ...

Income Tax

September 7, 2012

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 be sustained - AT

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  1. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

  2. 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

  3. Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

  4. 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...

  5. 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...

  6. Revision u/s 263 by CIT - Rejection of trading results - lack of enquiry" or "lack of investigation" - Rejection of trading results and application of net profit rate by...

  7. Once the income is estimated, after rejection of books of accounts, no other addition is permissible on the basis of rejected books - AT

  8. 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

  9. Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

  10. 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

 

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