Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Page of 4796
Press 'Enter' after typing page number.
841 to 860 of 95916 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when sales are duly recorded and supported by the books of account, additions cannot be made u/s 69A. The assessee's books were rejected, and profits were estimated at 10% on the money deposited in the bank account. The Assessing Officer made a trading addition without reducing the profit already reflected in the books. The tribunal directed the Assessing Officer to reduce the profit already declared by the assessee at 5.74% and consider the remaining 4.26% as a trading addition. Regarding section 145(3), once the books of account are rejected based on detailed reasons, rejecting the method of accounting and stock valuation is not necessary. The assessee did not challenge the rejection of books, and the tribunal found no infirmity in the findings of the lower authorities.
The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when sales are duly recorded and supported by the books of account, additions cannot be made u/s 69A. The assessee's books were rejected, and profits were estimated at 10% on the money deposited in the bank account. The Assessing Officer made a trading addition without reducing the profit already reflected in the books. The tribunal directed the Assessing Officer to reduce the profit already declared by the assessee at 5.74% and consider the remaining 4.26% as a trading addition. Regarding section 145(3), once the books of account are rejected based on detailed reasons, rejecting the method of accounting and stock valuation is not necessary. The assessee did not challenge the rejection of books, and the tribunal found no infirmity in the findings of the lower authorities.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
