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Supreme Court on 24.4.2020 held that no addition u/s 68 can be allowed when the CIT Appeal deleted the penalty on the same credit entry on the ground that the assessee establish the credentials. High Court also held that when the books of accounts rejected for GP addition purpose, but then, if those books of accounts did disclose certain other assets, which are wrongly shown to be liabilities, and for acquisition of which the assessee did not show the source, it cannot be said that the Assessing Officer was not entitled to use the books of accounts for this purpose. Basir Ahmed Sisodiya Vs. ITO
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It is well settled that in case the books of accounts are rejected the income of the business in which the Assessee was engaged can be determined by estimating the profit rate considering past history.
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section 271B is not attracted in a case where no account has been maintained and instead an recourse u/s. 271A can be taken.
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271B Reply for share turnover