Assessing Officer Rightly Invoked Section 145 for Income Calculation Due to Assessee's Inadequate Expense Segregation in Books.

Assessing Officer Rightly Invoked Section 145 for Income Calculation Due to Assessee's Inadequate Expense Segregation in Books. https://www.taxtmi.com/highlights?id=24804 Rejection of books of accounts - assessee had failed to segregate expenses of the contract business from other nine trucks - there is no presumption in law attaching presumption of correctness to the continuity of income tax returns - A.O. had every reason to invoke Section 145 of the Act in order to work out the real income and thereby deduce the profit and gain therefrom - HC en-us Fri, 18 Sep 2015 09:09:43 +0530 Fri, 18 Sep 2015 09:09:43 +0530 TaxTMI RSS Generator Assessing Officer Rightly Invoked Section 145 for Income Calculation Due to Assessee's Inadequate Expense Segregation in Books. https://www.taxtmi.com/highlights?id=24804 Rejection of books of accounts - assessee had failed to segregate expenses of the contract business from other nine trucks - there is no presumption in law attaching presumption of correctness to the continuity of income tax returns - A.O. had every reason to invoke Section 145 of the Act in order to work out the real income and thereby deduce the profit and gain therefrom - HC Highlights Income Tax Fri, 18 Sep 2015 09:09:43 +0530 https://www.taxtmi.com/highlights?id=24804