Addition being 10% of all the Direct & Indirect expenditure - AO ...

AO's 10% Expenditure Addition Overruled: No Errors Found, Accounts Audited and Accurate, Section 145 Not Invoked.

February 27, 2021

Case Laws Income Tax AT

Addition being 10% of all the Direct & Indirect expenditure - AO has not pointed out any mistake in any of the bills/vouchers. Since, the accounts of the assessee are audited and the auditors have not pointed out any discrepancy and since the books of accounts were also produced before the CIT(A) and no discrepancy was found by him and considering the fact that books were also not rejected by the Assessing Officer by invoking the provisions of section 145 of the Act, therefore, no ad-hoc disallowance is called for. - AT

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Addition being 10% of all the Direct & Indirect expenditure - AO ...

AO's 10% Expenditure Addition Overruled: No Errors Found, Accounts Audited and Accurate, Section 145 Not Invoked.

February 27, 2021

Case Laws Income Tax AT

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