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Income Tax - Highlights / Catch Notes

Home Highlights December 2012 Year 2012 This

Trading Additions – rejecting of books of accounts - even if the ...


Rejection of Accounting Books Doesn't Justify Additional Tax, Court Rules Against Extra Income Tax Imposition.

December 25, 2012

Case Laws     Income Tax     AT

Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

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  1. 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

  2. Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

  3. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

  4. Rejection of books of accounts - rejection of books of account by invoking the provisions of section 145(3) - the AO has categorically noted in the assessment order...

  5. 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

  6. 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,...

  7. Best Judgement Assessment - rejection of books of accounts - Though the Tribunal has recorded that the books of accounts were duly presented when the show cause notice...

  8. Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of...

  9. Trading addition – rejection of books of accounts and application of higher G.P. rate – even after the rejection of books of account, no trading addition is required to...

  10. The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

  11. 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...

  12. 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...

  13. Rejection of books of account - accounting for scrap - When no defect was pointed out in the books of account even during the course of scrutiny assessment and when the...

  14. Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

  15. Rejection of books of accounts – If the books of accounts have never been examined how can the revenue authorities say that the books are not complete - AT

 

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