Rejection of books of accounts u/sec 145(3) - assessee made ...

Income Tax

May 15, 2023

Rejection of books of accounts u/sec 145(3) - assessee made bogus sales of rice - The assessee cannot be taxed doubly in same amount which was already declared in the return of income. The ld. AO has already calculated the GP ratio @ 11.87% - But there is no separate addition was made. We find the continuity in the GP ratio in the preceding and succeeding years with impugned assessment year of the assessee - Additions deleted - AT

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Rejection of books of accounts u/sec 145(3) - assessee made ...

Income Tax

May 15, 2023

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Addition made on account for rejection of books u/s 145 - AO has given one hour to produce details - Case remand back to AO - AT

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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

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