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Income Tax - Highlights / Catch Notes

Home Highlights May 2022 Year 2022 This

Rejection of books of accounts - substantially increase in the ...

Income Tax

May 11, 2022

Rejection of books of accounts - substantially increase in the expenses - he books of accounts and the financial result of appellant have already been examined and accepted that the APA. Nothing came into noticed to which it can be assumed that the finding of the CIT(A) is incorrect. The facts are not distinguishable at this stage. - No additions - AT

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  1. Rejection of books of accounts – Inflation of price - sales have increased by 29% but manufacturing expenses have increased by 45.93% - order of tribunal confirmed - HC

  2. Expenses incurred under different heads during the year under consideration have increased even though the turnover has substantially reduced - disallowance confirmed - AT

  3. Rejection of books of account u/s.145 is justifiable as two diaries in which unaccounted payments to the partner and unaccounted expenses recorded, were found - AT

  4. 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

  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 - The lower G.P. Rate never attracts the addition and it cannot be a ground for rejection of the books - HC

  7. 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...

  8. Rejection of Books of accounts - Simply because the volume of expenses have increased during the year vis-à-vis earlier year that cannot be a ground for rejecting the...

  9. 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...

  10. 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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