Rejection of books of accounts - GP addition/estimation - Non ...

Income Tax

March 24, 2021

Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of the Inventory at the end of year but not keeping it on record and not producing such Inventory for scrutiny can only lead to the inference that accounts are not correct. Quantitative tally of items traded and manufactured by assessee is not only possible but also the requirement of proper accounting system.Adoption of different standards for receipts and production in stock, accounts can justify rejection of accounts. - AT

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Rejection of books of accounts - GP addition/estimation - Non ...

Income Tax

March 24, 2021

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