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Income Tax - Highlights / Catch Notes

Home Highlights December 2020 Year 2020 This

Estimation of income - Rejection of books of accounts - bogus ...

Income Tax

December 11, 2020

Estimation of income - Rejection of books of accounts - bogus expenditure - absence of bills and vouchers to support the expenditure claimed by the assessee - Estimation of income @8% is reasonable. Even though the assessee had the turnover over and above the limit of Section 44AD - AT

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  1. 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

  2. Revision u/s 254 - NP estimation on turnover - Bogus bills for purchase of diamonds - it is nothing, but a bogus claim of expenditure recorded in the books of accounts...

  3. Estimation of income - Bogus purchases - Rejection of books of accounts - There is no error in the finding of the ld.CIT(A) for rejection of the books of accounts as...

  4. Rejection of books of accounts - Estimation of income - bogus purchases - Mere certain discrepancy at the entry gate cannot be a basis of rejection of entire books...

  5. 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

  6. Rejection of books result - estimation of NP @5% of gross contractual receipts - assessee firm is entitled for separate deduction of depreciation, interest and salary...

  7. 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...

  8. Rejection of books of accounts - Estimation of income - The case laws relied upon by the ld. AR are not applicable as per facts of the present case, therefore,...

  9. Estimation of rate of commission earned on the accommodation cheques - estimation of commission @3% on cheque amount and 20% on expenditure will be fair and reasonable - AT

  10. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

 

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