Register Price / Packages DEMO Option My Bookmarks Daily Newsletters Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    LTCG - deduction u/s 54F - Ownership of more than...     TaxTMI    Deductions u/s 80IC - audit report in Form 10 CCB,...     TaxTMI    Seeking grant of bail - Evasion of GST - The High...     TaxTMI    Territorial Jurisdiction - seeking transfer of...     TaxTMI    Eligibility for Composition scheme - ice-cream -...     TaxTMI    Characterization of receipt - amount received by...     TaxTMI    Validity of assessment order - SCN as also the...     TaxTMI    Seeking reimbursement of GST amount paid by the...     TaxTMI    Condonation of delay in filing an appeal before the...     TaxTMI    Valuation of imported goods - inclusion of royalty...     TaxTMI    Denial of Input Tax Credit (ITC) - Proof of...     TaxTMI    Rectification petition - Validity Of Order passed -...     TaxTMI    Service of SCN - Breach of principles of natural...     TaxTMI    The Ministry of Finance's recent notification...     TaxTMI    Disparity between the petitioner's GSTR 1 and GSTR...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

Estimation of income - NP determination - non rejection of books ...

Income Tax

February 19, 2021

Estimation of income - NP determination - non rejection of books of accounts - The assessee has maintained regular books of account which are duly audited. A search u/sec. 132 was conducted but no evidence was found indicating concealment of income. - there is no basis for estimation of income - AT

View Source

 

← Previous Next →

 

You may also like:

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

  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. Agricultural income - assessee has not maintained separate books of account related to agricultural income - orders of CIT (Appeals) on the issue of estimation of...

  4. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

  5. Rejection of books u/s 145 - NP estimation - NP ratio of 7% being impractical and completely unacceptable and as most of the trading concerns have been operating at the...

  6. Penalty u/s 271A - Non maintaining the books of account - Penalty u/s 271B - non-audit of books of accounts - It is clearly a case of impossibility of performance where...

  7. 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

  8. 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

  9. 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...

  10. 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...

 

Quick Updates:Latest Updates

F: Notification No. 3/2023 - Compensation Cess (Rate) dt. 26.07.2023-Is i...
H: Grant of Regular Bail - Forged tax invoices - Non-existent ghost busin...
H: Recovery of tax arrears from the Former director of the Company - Atta...
H: Seeking grant for Anticipatory Bail - Allegations of availing ineligib...
F: Man power supply to Poultry Farm - Taxable or exempt
H: Seeking activation of GSTIN and granting final certificate of registra...
H: Classification of goods - rate of tax - Classic Malabar Parota - Whole...
H: Cancellation of GST Registrations - The High Court observed that the p...
H: Violation of principles of natural justice - Mode of Communication - p...
F: iterest liability
F: Credit Note
H: Cancellation of GST registration of petitioner - The High Court acknow...
H: Correct head of income - Income from leasing or letting out the proper...
H: Validity of reopening of assessment - The High court observed that the...
H: Revision u/s 263 - CSR expenses - admissibility as the deduction u/s 3...
H: Acquittal of charge u/s 276CC - respondent has failed to comply with t...
H: Denial of specific request for personal hearing - The High Court noted...
F: gst rule 96(10)
H: Deduction u/s 80P - interest income(s) derived from such nationalized/...
H: Additions based on Cash Expenditure - Disclosure were made by the appe...
N: Rate of exchange of one unit of foreign currency equivalent to Indian ...
C: Partial modification to the circular no. IBBI/LIQ/61/2023 dated 28th S...
C: Circular on Standardization of the Private Placement Memorandum (PPM) ...
C: Discontinuation of Safeguard measures on import of Isopropyl alcohol (...
N: Notify “Public Tech Platform for Frictionless Credit” as the system wi...
N: Seeks to rescinds Notification G.O. (P) No.123/2023/TAXES dated the 12...
A: The onus is entirely on the Revenue to establish existence of PE every year
A: Know the Contrasts between PF and ESIC
A: RECENT SUPREME COURT JUDGMENTS ON ARBITRATION
A: If tax liability including interest has been paid subsequently SCN can...