Rejection of books of accounts - The material purchased in cash ...

Income Tax

August 17, 2020

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 during the assessment proceeding. Each payment duly supported by the external invoices. Hence, this is incorrect contention that these are supported by internal vouchers only - Rejection of books of account on the basis of insignificant defects in all respect, is not justified u/s 145 - AT

View Source

← Previous Next →

Rejection of books of accounts - The material purchased in cash ...

Income Tax

August 17, 2020

You may also like:

Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee...

Unexplained cash credit u/s 68 - cash has been deposited merely to generate funds in the bank account, whenever payments were required to be made by cheque. Therefore,...

Cenvat credit on purchase of raw material - sponge iron being the raw material/inputs purchased from registered dealer - goods received on endorsed invoices - goods were...

Addition on account of unexplained cash received from students and trainees - the cash deposited in the bank is fully accounted for and the addition made by the AO is ex-facie bad

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

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

Valuation - import of desiccated coconut from Sri Lanka - transaction value - appellant could not produce any material evidences to support the declared value -...

Seizure of Chinese silk - had they been purchased through acceptable channels, some support in the form of invoices, receipts etc. would have invariably found their way...

Rejection of books of accounts - estimation of income - Unexplained Investment in Purchases - A.O has accepted all other transactions of purchases and payment made...

Addition on account of gift and presents and general expenses - All the expenses as claimed are fully verifiable and supported by third party vouchers - AO cannot make...

Quick Updates: